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OneCoin: Founder’s Brother Faces 90-Year Jail Term After Plea Deal

November 15, 2019 at 3:13 PM | By Jit Sutradhar News

Department of Justice (DOJ) reached a plea agreement with Konstantin Ignatov for his involvement in OneCoin Ltd, a project cryptocurrency popularity of Bulgaria.

Ignatov pleaded guilty to several charges including money laundering, according to the BBC. The agreement was reached October 4, but it was announced on Tuesday following his arrest at Los Angeles International Airport in March 2019.

He is the brother of OneCoin co-founder Dr. Ruja Ignatov, colloquially called “Cryptoqueen” for his actions in an alleged fraud and then disappeared.

Under the terms of the request, Ignatov will not face further charges as they appear to OneCoin and constituents, with the exception of the possibility of tax offenses. However, Ignatov faces up to 90 years in prison, the BBC reported.

OneCoin raised some $ 4 billion for cryptocurrency and proprietary ecosystem in funding, in what some authorities have called a Ponzi scheme. OneCoin deny the allegations and continue to operate.

The BBC said Ignatov can be moved into the US witness protection program depends on the longevity of his sentence. Court documents say the individual has advanced to the threats against him.

While testifying in another case ongoing against Mark Scott, a lawyer accused of laundering US $ 400 million fund from OneCoin, Ignatov revealed more details about her sister, told the BBC. An arrest warrant for him from the DOJ today is incredible.

The BBC said Ignatov told the court that his brother obtain a passport and a ticket to Vienna and Athens from his home in Bulgaria. He called OneCoin critics “haters” and wary of who surrendered to the authorities, he said. Although Ignatov hire a private investigator to find him, he has not spoken to him since his departure, according to the BBC.

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