Former OneCoin Boss Konstantin Ignatov to Avoid Prison Sentence

By Mark Hunter

2 days agoThu Feb 29 2024 08:29:42

Former-OneCoin-Boss-Konstantin-Ignatov-to-Avoid-Prison-Sentence

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  • Konstantin Ignatov, brother of OneCoin’s founder Ruja, could avoid a prison sentence for his crimes
  • Ignatov has been incarcerated awaiting sentencing for money laundering crimes
  • The government has agreed that a time-served sentence is the most appropriate

Konstantin Ignatov, the brother of wanted fugitive and OneCoin founder Dr Ruja Ignatova and former boss of the OneCoin scam, is likely to avoid a prison sentence after the US government agreed that a time-served sentence is appropriate. The Probation Department had recommended the sentence following a request from Ignatov’s legal representatives, and the government has now recommended this sentence to the New York Southern District Court. Ignatov is accused of lying on the stand while giving evidence against OneCoin’s former lawyer, Mark Scott, having already pled guilty to conspiring to commit wire fraud.

Key Player in OneCoin’s History

Ignatov joined OneCoin as Dr Ignartova’s personal assistant in 2016 and, following her disappearance in 2017, he assumed a leadership role within OneCoin, effectively becoming its spokesperson despite lacking an official title. Ignatov traveled extensively to promote OneCoin across various countries, making deceptive claims about its structure, value, and future prospects to attract further investments.

As is now common knowledge, this was a highly successful gambit, with more than $4 billion sucked into the vacuum that was the OneCoin vault.

Ignatov Lied on the Stand

Despite growing awareness of OneCoin’s fraudulent nature, Ignatov continued to perpetuate the scheme, making false assurances to investors and actively participating in its operations. However, in July 2019, he began cooperating with the government and eventually pleaded guilty to multiple charges related to wire fraud, money laundering, and bank fraud associated with OneCoin.

Following his arrest in March 2019, Ignatov spent approximately 34 months in custody, with periods of release and detention based on developments in the case.

Ignatov’s cooperation included providing testimony during the trial against his coconspirator, Mark Scott, shedding light on OneCoin’s fraudulent practices, its banking challenges, and its utilization of money laundering networks. However, the government now believes that Ignatov lied over crucial aspects of his testimony, but officials still believe that time served is the most appropriate sentence for Ignatov, suggesting he will soon be a free man.