Karl Greenwood, co-founder of OneCoin with Ruja Ignatova, was sentenced to 20 years in prison and ordered to pay $300 million in the United States on Sept. 20. Ignatova remains at large. Greenwood, a citizen of the United Kingdom and Sweden, was sentenced in the U.S. Southern District Court of New York. According to the U.S. Justice Department, OneCoin was “one of the largest fraud schemes ever perpetrated” and reaped $4 billion from 3.5 million victims. The scheme was a multilevel marketing and Ponzi scheme, and the team compared its product to Bitcoin in sales pitches, but it had no actual value.Greenwood has been in custody since 2018, when he was extradited from Thailand. He pleaded guilty to charges of fraud and money laundering in December and could have received a sentence of up to 60 years. He is said to have made over $300 million through a 5% commission on all OneCoin sales and to have spent lavishly on luxury goods and the corresponding lifestyle.Ignatova has not been seen since October 2017 and is on the Federal Bureau of Investigation’s Ten Most Wanted List. A number of other OneCoin executives are facing justice, however. OneCoin former head of legal and compliance Irina Dilkinska was charged in the United States with one count of wire fraud and one count of conspiracy to commit money laundering in March. Ignatova associate Christopher Hamilton was reportedly set to be extradited to the United States on fraud and money laundering charges in August 2022.Karl Greenwood, co-founder of OneCoin, was sentenced to 20 years in prison and ordered to pay $300 million in the United States on Sept. 20. The U.S. Justice Department called OneCoin “one of the largest fraud schemes ever perpetrated” and said it reaped $4 billion from 3.5 million victims. The scheme was a multilevel marketing and Ponzi scheme, and the team compared its product to Bitcoin in sales pitches, but it had no actual value.Greenwood had been in custody since 2018, when he was extradited from Thailand. He pleaded guilty to charges of fraud and money laundering in December and could have received a sentence of up to 60 years. He is said to have made over $300 million through a 5% commission on all OneCoin sales and to have spent lavishly on luxury goods and the corresponding lifestyle.Ignatova has not been seen since October 2017 and is on the Federal Bureau of Investigation’s Ten Most Wanted List. A number of other OneCoin executives are facing justice, including former head of legal and compliance Irina Dilkinska, who was charged in the United States with one count of wire fraud and one count of conspiracy to commit money laundering in March. Ignatova associate Christopher Hamilton is reportedly set to be extradited to the United States on fraud and money laundering charges in August 2022.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇬🇧 🇸🇪 🇺🇸 🇹🇭
Sentiment	negative
Relevance Score	10
People	Christopher Hamilton, Karl Greenwood, Ruja Ignatova, Irina Dilkinska, Damien Williams
Companies	OneCoin, Bitcoin, U.S. Justice Department, U.S. Southern District Court of New York, Federal Bureau of Investigation
Currencies	Bitcoin, Ethereum, US Dollar, British Pound, Bontecoin
Securities	None