A second OneCoin promoter in Singapore has been sentenced to 6 months in jail.
Terence Lim Yoong Fook can even must pay a $210,000 SGD ($158,603 USD).
Fook was arrested final yr on prices associated to pyramid promoting. He was convicted in November and sentenced earlier this week.
Fook’s co-conspirator, Fok Fook Seng (aka Fred Fok), was additionally arrested in April. Fok was convicted in July and fined $71,700.
In a press-release issued earlier at this time, Singapore Police Drive declare Fook promoted OneCoin from June 2015 to January 2019.
Terence Lim Yoong Fook actively promoted the scheme by organising seminars to recruit contributors.
Numerous these seminars have been held on the workplace of One Idea Pte Ltd, an organization which he had arrange for the aim of promoting the scheme.
As at June 2017, no less than 2,349 members in Singapore had joined the scheme as a result of promotional efforts of Terence Lim Yoong Fook and different members of his staff.
Terence Lim Yoong Fook earned commissions from such recruitment.
Authorities in Singapore started investigating OneCoin in 2016. Regulatory motion kicked off with an investor alert issued by the Financial Authority of Singapore.
OneCoin was promoted in Singapore via the shell firm One Idea Pte. Ltd.
Exterior of promotion in a couple of third world international locations, at this time OneCoin is all however lifeless.
Ruja Ignatova, founding father of OneCoin, disappeared in 2017. She stays at giant.