Former OneCoin Legal Head Pleads Guilty to Fraud and Money Laundering Charges
Irina Dilkinska, the former Head of Legal and Compliance at OneCoin, has admitted to wire fraud and money laundering charges, marking a significant milestone in the case against the fraudulent crypto operation. The scheme, which started in 2014 from Sofia, Bulgaria, deceived investors worldwide, resulting in billions of dollars in losses.
OneCoinβs Deceptive Practices
OneCoin marketed itself globally through a multi-level-marketing (MLM) network with false promises that led to over $4 billion in global investments. United States District Judge Edgardo Ramos accepted Dilkinskaβs guilty plea, signifying a crucial step towards justice for the victims.
βAs OneCoinβs so-called βHead of Legal and Complianceβ Irina Dilkinska accomplished the exact opposite goal of her position.Β As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits OneCoin accrued through its multi-level-marketing scheme.Β The dedicated prosecutors of this Office and our law enforcement partners will continue to pursue this important case until every defendant is brought to justice,β US Attorney Damian Williams emphasized.
Rapid Growth and Profits
Court documents and statements revealed that OneCoin was co-founded by Ruja Ignatova and Karl Sebastian Greenwood. The companyβs MLM structure fueled rapid growth, attracting over three million investors who contributed to over $4 billion in sales revenue and declared βprofitsβ of nearly $3 billion between 2014 and 2016.
Dilkinska’s Role in Money Laundering
Instead of ensuring legal compliance for OneCoin, Dilkinska played a key role in laundering money, including transferring $110 million of fraudulently obtained proceeds to a Cayman Islands entity. She faces up to five years in prison for each count of conspiracy to commit wire fraud and money laundering, with sentencing scheduled for February 14, 2024.
The Case Against Ruja Ignatova
Ruja Ignatova, also known as βcryptoqueen,β faces related fraud and money laundering charges but vanished after a trip to Greece in 2017. As she remains at large, the FBI added her to the Top Ten Most Wanted List in June 2022 and is offering a $100,000 reward for information leading to her arrest.
Hot Take: Pursuing Justice for Crypto Fraud Victims
The guilty plea from OneCoin’s former Head of Legal and Compliance signifies progress in holding accountable those responsible for defrauding investors worldwide. With ongoing efforts to bring all defendants to justice, it sends a message that fraudulent crypto operations will face legal consequences. Despite challenges such as Ignatova’s evasion from law enforcement, authorities are committed to seeking justice for victims affected by fraudulent schemes like OneCoin.
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