On Wednesday, a 52-year outdated man named Fok Fook Seng of Singapore was discovered responsible of working a multi-level advertising and marketing
On Wednesday, a 52-year outdated man named Fok Fook Seng of Singapore was discovered responsible of working a multi-level advertising and marketing rip-off linked to the cryptocurrency Ponzi scheme OneCoin.
Since its inception, the OneCoin crypto rip-off has defrauded traders of greater than $4.Four billion.
In accordance with native information outlet Channel Information Asia, Fok was convicted for selling the MLM scheme between January 2016 and June 2017 and was fined 100,000 Singapore {dollars} (~$72,000).
The police first pressed fees in opposition to him in April 2019 underneath the Multi-Degree Advertising and Pyramid Promoting Prohibition Act, which they stated was the primary of its variety.
Selling and promoting the scheme at large-scale occasions
Fok efficiently managed to advertise his MLM scheme by means of on-line seminars he performed on his Fb web page OneLife One World Group Singapore. The police stated that Fok additionally promoted his scheme at large-scale occasions to get extra consumers.
The MLM scheme offered packages of on-line training programs that got here together with free “promotional tokens.” The scammers satisfied the consumers that they may use the free tokens to mine extra OneCoin.
The scheme had a referral program that will permit members to obtain commissions if extra individuals purchased the bundle by means of their referral. They had been additionally to obtain commissions if their referred members would deliver in additional individuals.
After one 12 months of rigorously refering the scheme by means of his most important account, Fok and his staff had been in a position to enroll 1,180 members throughout Singapore and different nations, the police stated of their assertion.
The court docket proceedings are nonetheless ongoing for Fok’s accomplice who was charged with the identical offense.