US Court Defers OneCoin Co-Mastermind’s Sentencing

He is looking at a maximum prison time of 90 years.

The sentencing of Konstantin Ignatov, an alleged key player of OneCoin crypto scam, has been adjourned again with no clear future date.

Ignatov’s sentencing was scheduled for Wednesday, but the US attorney requested the court to move his sentencing by four months as his cooperation process with the prosecutors is still ongoing.

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“Because the defendant’s cooperation is not yet complete, the Government respectfully requests that the sentencing control date be adjourned for approximately four months,” Audrey Strauss, acting US attorney, noted.

Inner City Press pointed out that the publicly available court calendar shows that the New York court judge is taking another case at the previously given timeslot to Ignatov’s sentencing, meaning the plea has been granted.

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A multi-billion dollar crypto scam

Ignatov was nabbed in March 2019, by the US prosecutors in New York for his close ties with the multi-billion dollar crypto scam OneCoin. He was alleged to be the personal assistant and also the brother of Ruja Ignatova, the founder of the fraudulent scheme and now a fugitive.

He has been charged with multiple counts of money laundering, but he entered into a plea deal with the prosecutors and his testimony played a key role in convicting Mark Scott, the legal representative of OneCoin who was involved in laundering $400 million in the ill-gotten money.

Despite the plea deal, he is still looking at a maximum prison time of 90 years.

Though the exact figure is not known, OneCoin is believed to have dupped $4 billion of its investor’s money by its fraudulent crypto scheme. Established in Bulgaria, the firm has affiliates across the globe and is now facing legal action in multiple jurisdictions.

Last week, Singapore fined an OneCoin affiliate $72,000 under the city-state’s Multi-Level Marketing and Pyramid Selling (Prohibition) Act, 2000, for promoting the fraudulent scheme to potential victims.

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