Brother of the missing OneCoin 'crypto-queen' fraudster strikes plea deal in New York
Win an iPhone 11: http://bit.ly/2Od5erf. Brother of the missing OneCoin 'crypto-queen' fraudster strikes plea deal in New York. The younger brother of an alleged cryptocurrency fraudster who is on the run after swindling $4billion out of investors has pleaded guilty to financial crimes.
Konstantin Ignatov, 33, pleaded guilty to two counts of wire fraud, one count of bank fraud and one count of money laundering as part of a deal unsealed in New York on Tuesday that will see him inform on his former co-conspirators.
As part of the deal, Ignatov - who is thought to be connected to the Bulgarian mafia - has been offered witness protection amid fears he and his family will be threatened.
In return for information, prosecutors in the Southern District of New York agreed to drop all charges except for any tax violations he is found to have committed.
Ignatov was facing up to 90 years in jail and fines in excess of $2million before he agreed to the deal.
The case is linked to OneCoin, a cryptocurrency company founded in 2014 by Ignatov's Oxford-educated older sister - Ruja Ignatova - and based in Bulgaria.
Ignatova marketed the coin as a rival to Bitcoin, based on the same blockchain technology that keeps track of transactions without a centralised banking ledger, rewarding those who host parts of the ledger with coins that can be traded.
She promised huge returns for everyday investors, including 'empowering' millions of people in Africa and Asia by connecting them to global financial markets.
The scheme was also heavily marketed to Muslim investors as 'Sharia-approved'.
A dynamic presence who often appeared in fine dresses and dripping with jewel-encrusted necklaces and earrings, she used slick pitching events to convince people to hand their savings over to her.
Between 2014 and 2017, people from 175 countries - including many Americans - invested a total of $4billion with the company.
OneCoin was touted by some of the leading names
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