A resident of Singapore created a financial project that turned out to be a scam. He also promoted OneCoin. Now he must pay a fine of USD 72,000.
OneCoin, fine and naive investors
It’s about a 52-year-old man named Fok Fook Seng. He is a resident of Singapore. On Wednesday, he was found guilty of creating and running a multi-level marketing program (MLM) related to OneCoin. He informed about the case Channel News Asia.
Seng was thoroughly convicted of creating and promoting his project, which operated from January 2016 to June 2017. However, the judge turned out to be quite gentle for him. Seng only has to pay a fine of $ 100,000 Singapore (about USD 72,000).
The case lasted from April 2019.
A recipe for scam success
Seng has built an MLM network based on up to 1180 people. He promoted her at his webinars, which he conducted through his Facebook page – OneLife One World Team Singapore. In addition, he promoted himself and his program at major industry events in the region.
In essence, MLM Senga was not original. In some ways, it resembled, for example, the Omega Best offer – a project that UOKiK warned Poles about. The project simply involved selling online educational course packages that were “attached” to “promotional tokens.” Scammers convinced naive buyers that they could then use free tokens to mine more OneCoin coins.
However, this is not all. The project was also encapsulated with a referral program. It was nothing more than a program whereby current MLM members would recruit new people to the project. In return, the “old” participants received bonuses.
Finally, 1180 members from Singapore and other countries took part in the program.
As far as OneCoin is concerned, we know that the project has practically ceased to exist. His “face”, or Ruja Ignatova, has disappeared and no one knows where he is. She probably changed her identity and efficiently hides from the authorities. Her brother Konstantin, in turn, is in prison. He faces a prison sentence of 90 years, in practice life imprisonment.