One of many recurring themes in OneCoin circles is an absence of transparency.
What’s left of the corporate hardly ever communicates with what’s left of its affiliate investor-base. And when bulletins are made, they inevitably result in extra questions, most of which go unanswered.
The excellent news is it’s not simply affiliate buyers being saved at nighttime. Regulators asking OneCoin for data are being denied too.
The Norwegian Gaming Board started investigating OneCoin on or round April 2016.
As a part of their investigation, the Gaming Board requested data from OneCoin concerning their enterprise practices.
The corporate failed to reply to repeated requests for the knowledge.
Final we heard, the Gaming Board had requested data on OneCoin’s Norwegian associates in mid 2017.
Regardless of having an lively native affiliate investor-base selling the scheme, OneCoin instructed the Gaming Board it had “no enterprise in Norway”.
Extra just lately, OneCoin associates holding an occasion in Gardermoen had been served a request for data on
- Norwegian OneCoin associates; and
- accounting stories that can be utilized to confirm exterior income technology.
The Gaming Board approaching OneCoin’s associates immediately was floated again in early 2017, however for no matter motive the Gaming Board is simply now appearing on it.
For these aware of OneCoin’s enterprise mannequin, the request for data ought to come as no shock.
OneCoin has no verifiable income apart from affiliate funding. Stated income from new OneCoin associates is used to pay direct and residual recruitment commissions.
Up till January 2017 it was additionally used to honor OneCoin ROI withdrawal requests.
Offering this data to the Gaming Board would affirm OneCoin is a rip-off, and so right here’s the nonsensical reply the Gaming Board acquired concerning their newest request:
The individual replied that there are not any accounting figures to be disclosed, and in addition rejected income from the substitute of recent members.
“What we’ve got as revenue from the corporate is to be seen as direct bonuses immediately based mostly on the sale of instructional packages,” he writes in his letter of reply.
Even when the Gaming Board had been to entertain the “instructional packages” ruse, that 100% of instructional packages are bought by associates would nonetheless make OneCoin a pyramid scheme beneath Norwegian legislation.
And the declare that “there are not any accounting figures to be disclosed” needs to be eye-opening too.
How is that an organization that’s believed to have solicited billions in funding globally has no accounting? Not even inner accounting?
How is OneCoin paying its taxes then? And I imply seeing as every part OneCoin is centralized, absolutely the corporate is registered to supply securities in at the least one jurisdiction, proper?
No in fact not.
Because it stands the Gaming Board has been in a position to wrangle out of OneCoin that they’ve round 5000 affiliate buyers nationally.
The corporate nonetheless has did not make clear how a lot these associates have invested, or the supply of fee income inside its MLM enterprise mannequin.
Talking with E24, Silje Amble, a consultant from the Gaming Board, confirmed the OneCoin investigation is ongoing.
“We have now a case the place we’ve got entered right into a dialogue with the corporate’s lawyer, and in addition requested required data (be) disclosed,” stated Amble to E24.
She didn’t need to touch upon how they’ll pursue the case additional.
“We can’t (focus on that with) the media,” she stated.
E24 additionally received in contact with OneCoin’s Norwegian lawyer, Per Danielsen.
Danielsen defined the explanation they had been unable to supply the Gaming Board with the requested data is as a result of
The corporate is worldwide and doesn’t have separate figures for Norway.
A lot for OneCoin’s a lot boasted about KYC I suppose. Like every part else within the enterprise, that seems to have been baloney too.
On the backend it might be comparatively straight-forward for OneCoin to supply the Gaming Board with the requested data.
They know the place their associates are from and thru which shell firm Norwegian buyers invested funds by means of.
I do know the Gaming Board has to exhaust each avenue as a part of their investigation, however eventually they’ve received to understand OneCoin isn’t going to confess they’ve been operating a pyramid scheme.
There is no such thing as a exterior income and 100% of commissions paid out in OneCoin are tied to recruitment.
These are the details anybody can confirm by going by means of OneCoin’s enterprise mannequin.
Replace thirtieth June 2023 – OneCoin lawyer Per Danielsen has been disbarred for dishonesty.