Latest news with #OneCoin
Telegraph
5 days ago
- Business
- Telegraph
Carter Ruck libel lawyer faces prosecution over role defending crypto fraud
A libel lawyer from prestigious London firm Carter Ruck is facing prosecution over her work defending a £4bn cryptocurrency fraud. Claire Gill, a partner at the London-based firm, has been accused by the Solicitors Regulation Authority (SRA) of making an 'improper threat of litigation' in 2017. Ms Gill will now face a disciplinary hearing, which can issue unlimited fines and strike off lawyers if they are found guilty. The case against her is understood to focus on Carter Ruck's work for defunct cryptocurrency business OneCoin. It raised at least £4bn from investors but was later revealed to be a Ponzi scheme. Dubbed the 'biggest financial scam since Bernie Madoff', founder Ruja Ignatova was charged by the US Department of Justice in absentia with fraud and money laundering after she went on the run. She remains on the FBI's most wanted list and was the subject of a popular BBC podcast, The Missing Cryptoqueen. Tax Policy Associates (TPA), a campaign group which triggered the SRA investigation, said Carter Ruck sent legal letters threatening to sue journalists and investors who attempted to expose OneCoin. Carter Ruck allegedly sent a legal threat to Coin Telegraph, a cryptocurrency news website, in 2016 accusing it of defamation after the website published an article labelling OneCoin a 'scam', according to the TPA. A year later, OneCoin investor Jen McAdam, who had ploughed her life savings into the site, made similar allegations and was hit with another legal threat from Carter Ruck. Dan Niedle, TPA's founder, who led the investigation into the law firm's links to OneCoin, said on X it was 'astonishing how reckless' Carter Ruck had been with its dealings with OneCoin. He accused Carter Ruck of 'recklessly enabling' the fraud. Mr Niedle, a former lawyer, told The Telegraph: 'Lawyers are not Daleks. We have ethical obligations. A lawyer should not act for a fraudster. Carter Ruck actively helped a fraudster. It was reckless and it's incredibly serious.' Carter Ruck did not respond to these allegations. It said: 'We are disappointed by the SRA's decision to bring these proceedings against our colleague, who we will be fully supporting in her defence of this matter.' OneCoin, which was founded in Bulgaria in 2014, unravelled in a dramatic fashion six years ago after it was found to be a pyramid scheme. In 2023, its cofounder Karl Greenwood was sentenced to 20 years in prison in the US for his role in the scam. US Attorney Damian Williams said at the time: 'Greenwood and his co-conspirators, including fugitive Ruja Ignatova, conned unsuspecting victims out of billions of dollars with promises of a 'financial revolution' and claims that OneCoin would be the 'Bitcoin killer'. 'In fact, OneCoins were entirely worthless, and investors were left with nothing.' Carter Ruck is one of Britain's leading libel and defamation firms. It has represented figures such as late Russian oligarch Boris Berezovsky as well as multinationals like Trafigura. The firm charges hundreds of pounds an hour in fees, and can often charge costs to the losing defendants if it wins cases. Legal threats from libel lawyers which have the effect of silencing actors are known as strategic lawsuits against public participation (Slapps). They have become increasingly controversial over claims they allow deep pocketed wrongdoers to silence critics and the media. Mr Niedle was previously involved in a Slapp case involving former Chancellor Nadhim Zahawi. Earlier this year, Ashley Hurst, Mr Zahawi's solicitor, was fined £50,000 and told to pay an extra £260,000 in costs by the SRA after sending Mr Niedle a libel threat and claiming he could not even report the existence of the letter. At the time, Mr Niedle was probing Mr Zahawi's tax affairs. The case against Ms Gill will be heard by the Solicitors Disciplinary Tribunal, an independent decision-making body, which can issue unlimited fines and strike off lawyers if they are found guilty. The SRA can only issue fines of up to £25,000 and refers cases it believes to be more serious to the SDT because it has stronger powers.
The Guardian
5 days ago
- Business
- The Guardian
Solicitor at UK libel firm facing tribunal over threat allegations tied to fake cryptocurrency
A solicitor at one of Britain's best known libel law firms is facing prosecution before a disciplinary tribunal over allegations that she made inappropriate threats. The Solicitors Regulation Authority (SRA) announced today that it had decided to prosecute Claire Gill, a partner at Carter-Ruck. The decision was taken in March earlier this year. In a statement published on its website the SRA said that a tribunal 'has certified that there is a case to answer in respect of allegations which are or include that, on or around 26 April 2017, Ms Gill sent or arranged to be sent correspondence which contained an improper threat of litigation'. It added that the allegations were subject to a full hearing and were as yet unproven. SRA cases are heard by the independent Solicitors Disciplinary Tribunal, which can issue an unlimited fine or bar a solicitor from the profession. Carter-Ruck as a firm is not being prosecuted by the SRA. The nature of the threat, and the identity of the client on whose behalf Gill issued it, are not stated in the SRA announcement. However it is understood that the case relates to Gill's work for OneCoin, which was later established to be a multi-billion dollar fake cryptocurrency, and its founder, Ruja Ignatova. In 2023 the Bureau of Investigative Journalism reported on threats from Carter-Ruck on behalf of OneCoin and Ignatova, including a letter sent on 26 April 2017 to Jen McAdam, a OneCoin victim. The letter was obtained and published by the thinktank Tax Policy Associates and its founder, Dan Neidle, who complained about Gill to the SRA. In the letter published by Neidle, Gill accused McAdam of posting links to online videos alleging that OneCoin was a fraud. 'The statements you have published … go way beyond what may be considered to be legitimate debate,' Gill wrote to McAdam. 'You can be in no doubt therefore of the damage being caused to our clients' reputation and business.' In a statement Carter-Ruck said: 'We are disappointed by the SRA's decision to bring these proceedings against our colleague, who we will be fully supporting in her defence of this matter.' McAdam posted on X that she was unable to comment. The case comes amid public concern about so-called strategic litigation against public participation, or 'slapp', actions involving lawyers being accused of trying to improperly stifle public debate on behalf of clients. Sign up to Headlines UK Get the day's headlines and highlights emailed direct to you every morning after newsletter promotion Ignatova, a Bulgarian national, was the subject of the BBC's podcast The Missing Cryptoqueen, which chronicled the evolution and eventual collapse of the OneCoin fraud and the search for the mysterious Ignatova, who vanished in 2018. Ignatova remains wanted by the FBI in connection with OneCoin, and a reward has been offered for information leading to her arrest or conviction. She was charged with fraud and money laundering offences in the US in 2018, but her whereabouts remain unknown. In 2024 the BBC reported on claims published in the Bulgarian press that the true masterminds of the fraud were members of the Bulgarian mafia, and that Ignatova could have been murdered, dismembered and dumped in the Ionian Sea after the mafia considered her to have become a liability.
DW
30-06-2025
- Business
- DW
Lie To Me - The OneCoin Scandal – DW – 06/30/2025
OneCoin was launched in 2014 and billed as the world's largest cryptocurrency. Founder Ruja Ignatova earned many millions of Euros before a tech nerd stepped in to stop the scam - putting himself in danger. Bjørn Bjercke is a blockchain expert. Blockchain is a decentralized database that records transactions in a network and stores them, unalterably. All cryptocurrencies in the world are operated on blockchains. OneCoin also claimed to have one. But Bjørn Bjercke knew better. The creators of OneCoin tried to recruit him. They offered him a tempting salary, a large car and various apartments. In return, he would set up a blockchain for the cryptocurrency. But all this was months after OneCoin launched. It was clear to Bjercke from the start that this had to be a scam. He went public. By this time, however, the international OneCoin community had already grown considerably, thanks to a snowball system. OneCoin devotees felt threatened by Bjercke's revelations and tried to silence him. In the meantime, the creators of OneCoin have been put out of business. Founder Ruja Ignatova has disappeared and is wanted by the German authorities, among others. Bjørn Bjercke is working with authorities around the world to uncover new scams. But for those who lost money, all this comes too late. DW English TUE 08.07.2025 – 01:15 UTC TUE 08.07.2025 – 04:15 UTC WED 09.07.2025 – 09:15 UTC WED 09.07.2025 – 16:15 UTC WED 09.07.2025 – 21:15 UTC THU 10.07.2025 – 12:15 UTC SAT 12.07.2025 – 08:15 UTC SUN 13.07.2025 – 13:15 UTC Lagos UTC +1 | Cape Town UTC +2 | Nairobi UTC +3 Delhi UTC +5,5 | Bangkok UTC +7 | Hong Kong UTC +8 London UTC +1 | Berlin UTC +2 | Moscow UTC +3 San Francisco UTC -7 | Edmonton UTC -6 | New York UTC -4
Time Business News
28-06-2025
- Business
- Time Business News
Luxury, Lies, and Runaways: The Financial Fugitives Living in Plain Sight
VANCOUVER, Canada — While the public often imagines fugitives as shadowy figures hiding in jungle compounds or remote mountain hideouts, the reality for many of the world's most wanted financial criminals is far more luxurious. From Dubai penthouses to Côte d'Azur villas, dozens of high-profile economic fugitives are hiding in plain sight — protected by legal loopholes, diplomatic dead zones, and astonishing wealth. Amicus International Consulting, a global legal advisory group specializing in identity restructuring and cross-border protection, has tracked how financial fugitives often live openly in jurisdictions that offer prestige, comfort, and—crucially—non-extradition protection. These men and women, some accused of stealing hundreds of millions, continue to travel, spend lavishly, and maintain elite lifestyles — even while on the FBI's Most Wanted list. Welcome to the World of Visible Vanishers The term 'fugitive' typically evokes images of hiding, evasion, and a constant state of fear. But in the 21st century, high-net-worth fugitives often do the opposite: they vanish into the foreground. Their anonymity isn't gained by retreat, but by blending into the elite — people who travel with private security, change identities with ease, and navigate the world through diplomatic corridors. They aren't hiding in the shadows. They're living at the Ritz. Case Study #1: Ruja Ignatova — The Billion-Dollar Disappearance Known globally as the 'Cryptoqueen,' Ruja Ignatova disappeared in 2017 after defrauding investors out of over $4.5 billion through the OneCoin cryptocurrency scam. Though she was added to the FBI's Top Ten Most Wanted list, Ignatova's precise location remains unknown. What makes her case extraordinary is that her lifestyle — including jets, couture, and lavish events — was not abandoned after her flight. Reports suggest she may have taken refuge aboard luxury yachts or in exclusive compounds in Dubai or the Black Sea, protected by organized networks with political clout. Her story exemplifies how wealth doesn't just buy silence — it can buy safe passage, legal delay, and, sometimes, impunity. The New Face of Financial Crime These fugitives are often CEOs, bankers, hedge fund managers, or state-affiliated insiders. Their crimes include securities fraud, embezzlement, bribery, wire fraud, and manipulation of crypto assets. The modus operandi of these runaways includes: Transferring funds to untraceable offshore accounts Acquiring a second citizenship through investment Using diplomatic loopholes or honorary consul appointments Purchasing real estate in countries that do not enforce U.S. extradition Unlike violent fugitives, who may draw public attention quickly, financial fugitives often go undetected for years — if they are detected at all. Case Study #2: Ayitey Ayayee-Amim — Banking Executive Vanishes After Scandal In 2013, U.S. authorities sought Ayitey Ayayee-Amim, a former banking executive linked to fraudulent business practices in Florida, involving millions of dollars in loans and forged documents. Ayayee-Amim disappeared without a trace after legal proceedings began. Insider reports suggest he may have utilized connections in Ghana and the United Arab Emirates to establish a parallel life, leveraging regional legal inertia and financial ties. His case highlights a common trend: individuals returning to their home country, where extradition enforcement is weaker or politically sensitive. Safe Zones: Where the Law Hesitates to Follow Fugitives don't flee blindly. According to Amicus International's research, economic criminals often target jurisdictions with a mix of the following characteristics: No Extradition Treaty with the U.S. Nations such as the UAE, Russia, and parts of Africa and Southeast Asia remain popular for this reason. Golden Visa and Investment Residency Programs Countries offering citizenship or long-term residence in exchange for investment (Malta, Turkey, St. Kitts & Nevis, Vanuatu) are high on the list. Lax Financial Oversight In areas where beneficial ownership is easily concealed or offshore trusts are prevalent, tracing assets becomes extremely challenging. Case Study #3: John Joseph Ruffo — A Master Disappearance Convicted of a $350 million fraud, John Ruffo was supposed to begin a 17-year sentence in 1998. Instead, he cashed out multiple accounts and drove away in a rented car, never to be seen again. Authorities believe Ruffo used fake IDs, offshore banking infrastructure, and assistance from unnamed accomplices to establish a new identity abroad. In 2021, a surveillance camera in Monrovia, California, possibly captured Ruffo at a baseball game — the closest the FBI has come in over two decades. His sophisticated evasion continues to puzzle law enforcement. How Amicus Investigates High-Profile Disappearances Amicus International's expertise in citizenship law, diplomatic compliance, and asset protection gives it a unique vantage point. While Amicus does not support fugitives, it is often hired by governments, investigators, or media to analyze how legal frameworks are manipulated by those avoiding prosecution. Some findings include: Honorary diplomatic posts have been used to delay arrests or access restricted airspace. have been used to delay arrests or access restricted airspace. Citizenship renunciation , especially from the U.S., can sometimes block legal action if dual nationalities are managed carefully. , especially from the U.S., can sometimes block legal action if dual nationalities are managed carefully. Digital ID manipulation is on the rise, with deepfakes and synthetic IDs used in fraud cases tied to immigration records. Case Study #4: Ruja's Inner Circle in Dubai and Montenegro Further intelligence suggests that Ruja Ignatova's remaining wealth, possibly more than $500 million, is being funnelled through shell companies in Montenegro, Dubai, and Panama. Her partners are rumoured to operate family offices and real estate investment platforms under alternate identities. According to former employees, Ignatova had prepared for escape by securing legal documents under multiple nationalities and was advised by a team of elite European lawyers specializing in 'jurisdictional asset sheltering.' Living Rich While Wanted Contrary to expectations, many fugitives: Hold bank accounts under aliases Own real estate through offshore trusts Attend private events under assumed identities Operate businesses remotely using proxies The lifestyle isn't always low-key. Some own art collections, luxury vehicles, and yachts, with expenses often funded through dormant foreign companies or shadow investments in unregulated crypto exchanges. When Is the Law Powerless? There are still blind spots in international cooperation. Some notable causes include: Bilateral political tensions that slow or prevent extradition. that slow or prevent extradition. Dual nationality complications where one citizenship shields the other. where one citizenship shields the other. Resource limitations in pursuing fugitives through multiple jurisdictions. in pursuing fugitives through multiple jurisdictions. Weak implementation of INTERPOL Red Notices, particularly when requests are ignored or overridden due to political considerations. Case Study #5: A Financial Fugitive in the Alps In 2022, Amicus collaborated with Swiss media to investigate a fugitive investment banker accused of defrauding clients in Luxembourg and the United States. Worth over $300 million, he was found living under a false name in a luxury estate near Lake Geneva, posing as a European venture capitalist. His capture was delayed by months due to: Use of alternate birth records from a Caribbean country Protection by a local lawyer acting as legal proxy Laws preventing asset seizure until conviction abroad Ultimately, Swiss officials coordinated with U.S. authorities to freeze his assets, but he vanished before arrest. Today, he is believed to be living in South Africa. The Cost of Legal Evasion The ripple effects of such disappearances include: Public distrust in financial institutions Loss of confidence in justice systems Billions in unrecovered victim losses Even when fugitives are eventually caught, recovering assets can be challenging. Funds have typically moved through numerous layers of front companies and legal entities, making actual restitution unlikely. What's Changing in 2025? Law enforcement is adapting through: AI-driven asset tracing systems Cross-border data analytics partnerships Real-time banking alerts between jurisdictions Expanded FATF cooperation and cryptocurrency surveillance Moreover, new legislation in the U.S., EU, and UK targets beneficial ownership transparency, aiming to unmask who controls international assets. Amicus on the Frontlines of Legal Identity Change For individuals navigating international law for legitimate reasons — such as journalists, whistleblowers, or politically exposed persons — Amicus provides: Legal name change support Treaty relocation guidance Secure communication systems Citizenship restoration and second passport consulting The firm's transparency and strict compliance with legal standards distinguish it from the shadowy brokers often used by fugitives. Conclusion: The New Class of Criminal Financial fugitives living in plain sight are not anomalies. They represent a new class of global actors: informed, connected, and strategic. Unlike violent offenders, they operate in suits, not shadows. Their crimes don't leave blood, but they leave communities bankrupt and trust broken. And they will continue to live well until the law catches up with luxury. 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram TIME BUSINESS NEWS
Daily Mail
23-04-2025
- Business
- Daily Mail
Drug dealers create their own cryptocurrency to launder dirty money
A criminal gang involved in the drug trade has created its own cryptocurrency to launder dirty money in what may be the first known case of its kind. Organized crime syndicates have long exploited the relative anonymity of mainstream cryptocurrencies like Bitcoin and Ethereum to hide the origin of illicit funds. But the move by a UK street gang to develop and launch its own digital coin takes things 'one step further', according to drug crime expert Gary Carroll of Claymore Advisory Group. The plot, which is currently active, bears a passing resemblance to OneCoin - a fake cryptocurrency launched in Germany that turned out to be a giant Ponzi scheme. However, this is thought to be the first time experts have observed the launch of a genuine digital coin by a street gang. Mr Carroll, who spent 14 years in policing before becoming an expert witness, learned of the scheme through sources but was unable to name the coin or the gang to protect their identity. He described it as a 'meme coin', which refers to a cryptocurrency that is designed to go viral on social media and rapidly rise in price. He said the gang hoped to wait for the coin to become more valuable before suddenly selling out as part of a 'pump and dump' strategy. 'Criminals have been using crypto to launder money for at least 15 years now,' he told 'But developing a meme coin is one step further than simply buying cryptocurrencies like Bitcoin and Ethereum and suggests the process is becoming easier. 'They are using illicit money to pay developers to create a legitimate coin and then launch it onto the market. They are hoping to get the coin onto popular wallets and for the public to fall on it and turn it into the next Dogecoin. 'This is essentially a pyramid scheme and relies on multi-level marketing and loads of people buying in. 'Even if the coin only rises by a small amount they could still make a lot of money before selling out. 'The those profits will appear to be from crypto entrepreneurship rather than drugs.' Mr Carroll described the gang behind the coin as 'mid-level' operators who make money through extortion, fraud, drug supply, and the sale of counterfeit goods and cigarettes. 'They are based in England but they've got connections to other countries,' he said. 'They're not a household name - but they've got enough to throw in a few hundred grand and get the coin off the ground. 'There are lots of meme coins out there that do absolutely nothing but have huge uptakes, so the potential rewards are astronomical.' Mr Carroll has completed more than 1,000 expert reports over nine years and given evidence to multiple court cases, giving him a deep understanding of the rapidly evolving nature of international drug crime. He believes the relative ease of creating meme coins suggested it could become a popular method for gangs looking to launder money and turn a quick profit. 'It's just one step further than urban street gangs investing in crypto - why invest in the coin when they can just start one themselves? 'In one or maybe two years time there will be cases in court, I'm confident about that. 'Criminals, especially drug dealers, aren't known for their patience. So they are wanting to do something that makes money as quickly as possible. 'My own opinion is this will become more common. It's a way to semi-legitimize their trade.' OneCoin remains the largest crypto-related scam to date. It was launched in 2014 by German-Bulgarian businesswoman Dr Ruja Ignatova, who described it as 'the Bitcoin killer' while addressing an adoring crowd at Wembley Arena. Between August 2014 and March 2017, more than $4.5billion was invested by devotees in dozens of countries before Dr Ruja suddenly disappeared in October 2017. It later emerged OneCoin was not a real cryptocurrency at all but a pyramid scheme hosted on its parent company's servers. The FBI is now offering a $5m bounty to help track down Dr Ruja, despite rumors she has been murdered at the orders of a Bulgarian mafia boss. Mainstream cryptocurrencies like Bitcoin are regularly used by criminals to launder cash or move large sums across borders without having to resort to traditional banking methods. This is often done through highly organized networks that operate across multiple countries and have a wide variety of different criminal clients. One system recently exposed by police was run by Russian-speaking hackers and consisted of two networks called Smart and TGR. Smart was run by Ekaterina Zhdanova, a glamorous businessman who regularly graced the covers of business magazines during her earlier career in financial services. She is currently in custody in France, while the whereabouts of the boss of TGR, Russian businessman Georgy Rossi, are unknown. Police say Smart and TGR used their global reach to launder money for crime groups including the Kinahans, as well as street drugs gangs operating in several different countries. They also helped Russian clients bypass financial restrictions to invest money in the UK and the Kremlin pay spies overseas, according to the National Crime Agency.
