Maybe I have to read a bit more about this, but I have difficulties understanding how the finances worked, who had the money? And how would have Ruja Ignatova been able to disappear with anything between $1billion and $4billion?
In order to answer that question, you have to understand how large scale MLM schemes work: to a certain extent they are decentraized, as strange as that may seem in an inherently pyramid structure.
Very briefly, there is a project.
The developers may be independent, may be hired to expand on a recognized opportunity (see crypto) and the word goes out amongst IMA's (Independent Marketing Associates) who have their own ad hoc marketing structures in place, a ready made sales force.
The New Big Thing: get out there and sell it. And sell it again.
These top IMA's are known by rank dependent on how big a downline they bring to the party. And they do their own thing, using the centralized admin structure, create their own websites (See BitClub Network's different versions) and take a rake of every sucker's buy in money.
Around 60% of total revenue into an MLM scheme ends up with them and their lieutenants.
They run seminars, charge for anything and everything, sell positions in the matrix for cash, anything to make hay while the sun shines.
So that of, say, $2b that went into Onecoin in one way or another, over $1b went to those "Black Diamonds" "Blue Emeralds" etc. likely never to be seen again.
These are the guys with the gold Rolls Royces and Rolexes, flying round the world staying in 5* hotels, saying "You can live like me, just give me your money."
A number of the OneCoin high rollers are still living the high life in "relaxed" financial regimes around the world. And, of course, looking over their shoulders for Interpol (not so much) and Gangstas with $5 wrenches.
And whole communities are reduced to (even more) debt because they trusted their "friends", in some cases their local religious ministers and random people on the Internet.
Here's some of the top brass of Onecoin partying at the V&A Museum in London 2016.
Most of the people in the video made millions and have since moved on to other MLM scams. Two are in jail in the U.S.
It was Ignatova's birthday.
She paid aging pop singer Tom Jones £250k to sing for her. Knowing the way Tom is, he didn't take Onecoin.
www.youtube.com/watch?v=79d4ej3xhUk
The waves from Onecoin's demise are continuing to swamp various boats.
The bent money laundering lawyer Mark Scott (see previous posts) incriminated a guy called Robert Courtneidge thru emails revealed in his case. They were both partners at Locke Lord an American BigLaw firm.
They both left Locke Lord, Scott to launder Onecoin central funds (what was left after the IMA's had taken their cut) for the Ignatova's and Courtneidge to become a Director at
ePayment Systems in the UK, a processor with offices in London's swanky (love that word) Mayfair and about £100m in the system when BANG...the FCA shut them down on Feb 11th.
Whether this is based solely on what came out at Scott's trial or whether there some plea bargaining and giving up going on, I don't know.
Sources:
https://ftalphaville.ft.com/2020/02/14/1581687078000/What-s-going-on-at-e-money-firm-ePayments-Systems–/
https://behindmlm.com/companies/onecoin/onecoin-at-the-heart-of-epayments-systems-shutdown/#more-54572
