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Monday, July 6, 2020

ONECOIN PONZI SCHEME AND HOW IT AFFECTED DOMINICA


It is said that the Onecoin Ponzi operation is now the world’s largest heist, far surpassing that of Bernie Madoff. A very prominent and frontline promoter of the Onecoin scam was Dominica’s Diplomat Udo Cartsen Deppisch. In August of 2017 a reputable German news agency referred Dominica’s ambassador Udo Cartsen Deppisch, as a reputable fraudster and close associate of the Onecoin fugitive Ruja Ignatov and her brother Konstantin Ignatov. The news agency also claimed that Udo Carsten Deppisch purchased his Dominica Diplomatic passport.

Some people who were involved in the Onecoin scam are being prosecuted as the search is on for the head honcho Dr. Ruja Ignatova. Earlier this year the brother of Dr. Ruja Ignatova, Konstantin Ignatova pled guilty in the United States on charges related to the Onecoin Ponzi scheme.

Last week a Singapore man named Mr. Fok Fook Seng was fined $72,000 for operating a multi-level marketing scheme linked to the Onecoin Ponzi scheme. It is reported that Fok successfully managed to promote the scheme through online seminars he conducted on his Facebook page. The promoter of the Onecoin Ponzi scheme allegedly used referral programs by which participants were convinced that they could earn extra money by having more people purchase a package through them. The participants would also receive a small extra commission if people who were registered through them also brought in extra people. The Oncecoin scam was able to net over 1200 victims in Singapore.

Now that we know that globally some of the Onecoin Scam promoters are being investigated and that victims of the Onecoin scheme have been filing class action lawsuits we are wondering why the silence in Dominica.
We have received information that Dominica may have over a hundred victims of the Onecoin Ponzi scheme. We also understand that there are people in Dominica right now who were actively involved in promoting the Onecoin scam and the police are silent. It is noteworthy that as far back as 2015 the Onecoin cryptocurrency scheme had been flagged by several governments as a Ponzi scheme because of the organizational structure, no listing on any Public Exchange  and the unsavory reputation of many of the key players and promoters. Why then didn’t the financial regulation unit in Dominica intervene and stop those promoting the Onecoin scheme in Dominica? A country plagued by lawlessness and endemic corruption.

International law enforcement has estimated that the Onecoin Ponzi scheme netted between $4.4 -19.4 Billion from victims all over the world. It is therefore folly that anyone in Dominica especially those who were involved in promoting the scam to discourage any type of discussion regarding Onecoin scheme and the impact it may have had on the alleged victims in Dominica, particularly now that we are focusing on the CLICO scam and the severe impact on the investors in Dominica. It is also time for the government to step in and show some concern for the alleged victims. According to our sources one of the promoters in Dominica is allegedly from Villecase and an ardent supporter of the prime minister.     

We understand that victims of these scams are sometimes too embarrassed to come forward but it may be worthwhile to get a conversation going and to explore avenues to a class action lawsuit and to hopefully recover some of the losses..

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