Crypto Fraudster in the OneCoin Scam Saga Fined 1800 EUR More in Germany

A resident of Meissen, Germany, has been ordered to repay a victim of the OneCoin fraud. This is the second time the man has lost a civil case, besides the criminal case that Bielefeld prosecutors are pursuing.

Meissen is a town of 27,000 inhabitants in Saxon, Germany. A resident of the town recruited a Bavarian citizen to be part of the OneCoin project. The Meissen told the Bavarian that he could place extra recruits below him. Initially, the Bavarian had three people under him. However, they soon went away. As a result, the Bavarian was left is possession of 6000 EUR of worthless points from the OneCOin project.

The Bavarian Decided to Act

Instead of staying silent with his bag of rocks, the Bavarian complained to the defendant. The Meissen then agreed that he would reimburse the Bavarian 3000 EUR. However, the defendant only sent 300 EUR before going silent. To add salt to injury, he sent the compensation in OneCoin points, which were worthless.

At this point, the Bavarian decided to sue the Meissen in court. When the case went before the court, the Meissen was not able to adequately defend himself. The judge was not convinced by his explanation.

The Meissen claimed that there had been 12 investors placed under the Bavarian. However, he failed to prove that this was in fact what happened. He could not produce any verification for the claim. Besides that, the judge admonished the Meissen for carrying out his scam via a shell company in the UK.

In the ruling, the court awarded the Bavarian his 6000 EUR investment. Besides that, the Meissen was fined 1800 EUR. This is the second time a case has gone against the Meissen. In the first case, he was fined 1200 EUR. He was then told he had to pay back 12,000 EUR.

The Defense

In his defense, the Meissen who is sixty-one years old says he is bankrupt. He also claims that the OneCoin business is running poorly. Thus, he doubts that he will ever be able to pay off such a huge amount.

However, this is not the end of his problems; the prosecutors in Bielefeld have filed a case against him. However, it has been suspended to allow time for more investigations to be conducted.

The investigations by prosecutors in Bielefeld led to a raid on the offices on OneCoin in Bulgaria. Since that time, the investigations have expanded to include Ruja Ignatova, the founder of OneCoin as the main suspect.

The OneCoin Project

The project collapsed in 2017. Since then, Ignatova has essentially disappeared. No one has heard from him for months. The worst part of it is that he escaped with funds from investors. His brother, who was also a bodyguard has continued to string along investors. He is currently heading the company. As more cases like this continue to pop up with victories for victims, it will deter fraudsters from joining the crypto world.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today