According to the BBC's BBC report today, Konstantin Ignatov, co-founder of OneCoin's pyramid scheme, admitted to participating in the multi-billion dollar fraud case, which signed a confession on October 4 and is currently facing the highest 90 years in prison.
After being arrested by the US FBI at Los Angeles International Airport in March 2019, Ignatov recently admitted a number of allegations, including money laundering and fraud. Despite 90 years of imprisonment, he has not yet been sentenced, and he will not face further criminal charges for his role in OneCoin, except for potential tax violations.
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The Vikco MLM scam involves funds of $4.4 billion, and another leader is still absconding.
According to the BBC, the Bulgarian-based OneCoin parent company was founded in 2014, although investigators accused the company of raising 4 billion euros ($4.4 billion) through pyramid schemes, but it is still operating .
In addition, the report also mentioned that Ignatov also provided more details about his sister (Ruja Ignatova, another head of Vicat), which is also known as the "Queen of Encryption", which is said to help with Vikco With nearly $400 million in money laundering, Ignatov said in court that his sister had obtained a passport and a ticket to Austria and Greece from his home in Bulgaria.
Ignatov said that Ignatova would consider people who criticize OneCoin as "hate" and fear that the people around her would hand her over to the FBI. Ignatov also said that he hired a private detective to find his sister. After his disappearance, he never talked to her again.
It is reported that Ignatov testified on November 6 that after his sister Ignatova escaped, the security personnel accompanying her revealed that Ignatova had met with Russian speakers, according to Matthew Russell Lee, founder of Inner City Press. Ignatova has received the support and protection of an unnamed Russian rich.
So far, Ignatova is still missing.