U.S. court postpones conviction for co-founder of OneCoin Crypto Scam

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The conviction for the co-founder of the major crypto scam OneCoin has been postponed by another three months at the request of the U.S. government.

On April 7, the New York Southern District Court passed a motion to postpone the conviction check date for Konstantin Ignatov, brother and accomplice of the co-founder of OneCoin and current fugitive Ruja Ignatova, also known as the “ Cryptoqueen. ”

Originally set on April 8, Ignatov’s sentencing date now takes place on July 8, 2020.

OneCoin is one of the most infamous exit scam in the industry. The Bulgaria-based company, founded in 2014, remained fully operational until late November 2019, despite ongoing criminal proceedings following allegations that it had fraudulently raised at least $ 4 billion ($ 4.4 billion) in a Ponzi scheme.

After his arrest at Los Angeles International Airport in March 2019, Ignatov pleaded guilty to participating in the multimillion-dollar fraud in the fall of 2019. He is sentenced to up to 90 years’ imprisonment.

With his sister still on the run, he served as an assistant witness in the trial of Mark Scott, the attorney who allegedly helped launder nearly $ 400 million through the scam.

In its letter dated April 6, the US government claimed that Ignatov’s cooperation was “not yet complete.” The government not only requested a postponement, but also tried to deny a series of documents, noting that the defense had agreed to their application.

Ignatov previously stated that after his sister fled, the security personnel accompanying her told him she met Russian speakers. An investigative journalist has since claimed that Ignatova claims to have the support and protection of an unnamed “rich and powerful” Russian individual.

In November 2019, Mark Scott was found guilty of helping Ignatova launder the illicitly obtained OneCoin funds through a wide network of fake companies, offshore bank accounts and fake investment programs.

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