OneCoin Scam Under Investigation In Germany By BaFin
It is surprising to me that the OneCoin Ponzi scheme has been able to run as long as it has. Now they are under investigation by BaFin in Germany. The Federal Financial Supervisory Authority better known by its abbreviation BaFin is the financial regulatory authority for Germany. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance.
Other countries have looked into OneCoin and they have done little. Let’s see if the German regulators can do a decent job and expose OneCoin for what they are.
On June 3, 2016 Der Spiegel reported that BaFin has opened an investigation into OneCoin.
Here is a translated excerpt from this report:
The Financial Supervisory Authority has internet Currency OneCoin in their sights. The Authority shall consider whether the company OneCoin, founded by the Bulgarian Ruja Ignatova Ltd., in Germany is subject to authorization for financial transactions. This is clear from a letter from BaFin. The financial supervision do not want to comment. – Source spiegel.de
Sweden and Finland are investigating OneCoin as well.
It will be interesting to see if these regulators can figure out where vast amounts of money are coming from to pay the following promoters of this scam:
- Juha Parhiala – OneCoin Achieves $4 Million Per Month In Earnings
- The Steinkeller Brothers Achieve $900,000 Per Month With OneCoin
- Ralf Paulick – OneCoin Achieves $225,000 Per Month
- Mihail Petrovic – OneCoin Achieves $350,000 Per Month
- Igor Alberts And Andrea Cimbala – OneCoin Achieve $230,000 Per Month
Juha Parhiala makes $4 Million per month from selling “training packages” or is it by convincing new investors to part with their money in a Ponzi scheme? It will be interesting to find out if the Germans can figure this question out.