OneCoin operator in Singapore to pay a fine of $ 72,000
Fok Fook Seng was found guilty of operating a multi-level marketing scam linked to the Ponzi scheme
A 52-year-old man in Singapore named Fok Fook Seng was convicted of operating a multi-level marketing scam linked to the OneCoin cryptocurrency Ponzi scheme.
According to information provided by the local media, Channel News Asia, Fok was convicted of promoting the MLM scheme between January 2016 and June 2017 through his OneLife One World Team Singapore Facebook account. It was promoted at events on a large scale to get more buyers.
The scheme consisted of generating a referral program that according to the scammers allowed buyers to acquire commissions, while more people bought packages of online education courses which included a touch, that buyers had to include more people in the scheme and thus reach a high percentage of commissions.
According to police investigations, Fok and his team managed to enroll 1,180 members in Singapore and other countries, for more than a year.
The first charges filed by the police against Fok took place in April 2019, under the Pyramid Promotion and Multilevel Promotion Ban Law. Legal proceedings are still ongoing for Fok’s partner who was charged with the same crime.
K.Villarroel
Source: cointelegraph
