Stipulation dismissing OneCoin victims’ claims against Konstantin Ignatov secures Court approval

Maria Nikolova

The leader of the fraudulent cryptocurrency scheme agrees to truthfully and fully provide information and documentation concerning the subject matter of the plaintiffs’ claims, OneCoin, and the remaining defendants in this case.

Judge Valerie E. Caproni today signed an order terminating Konstantin Ignatov as a defendant in the lawsuit brought by victims of fraudulent cryptocurrency scheme OneCoin.

According to the stipulation of voluntary dismissal, the plaintiffs agree that their action is dismissed and discontinued without prejudice solely as to defendant Konstantin Ignatov. The Stipulation of Voluntary Dismissal is not intended to, and shall not have, any effect on any claims asserted by any other parties to this litigation, or the defenses to those claims.

Konstantin Ignatov will make himself available to the plaintiffs’ counsel as expediently as possible to be debriefed and will truthfully and fully provide information and documentation to the best of his abilities concerning the subject matter of Plaintiffs’ claims, OneCoin, and the remaining defendants in this case. The United States Attorney’s Office for the Southern District of New York shall be notified in advance by Plaintiffs’ counsel of any such debriefing and have the right and ability to participate and attend.

If called upon, Mr. Ignatov will agree to testify on behalf of Plaintiffs at a trial or other court proceeding without invoking his Fifth Amendment protections as they apply to facts already acknowledged in the related criminal case upon the conclusion of his cooperation with the U.S. Attorney’s Office for the Southern District of New York, or upon their approval, whichever occurs first.

If Konstantin Ignatov makes good faith efforts to provide complete and accurate information and documentation to the best of his abilities and otherwise complies with the terms set forth herein, this stipulation of discontinuance will be construed as a dismissal with prejudice in full satisfaction of Plaintiffs’ claims.

The plaintiffs in this case represent all individuals and entities who transferred to the OneCoin defendants, directly or indirectly, any fiat currency or cryptocurrency to invest in OneCoin Trader Packages or OneCoins from April 2014 through to and including March 2018 and who suffered financial injury as a result thereof.

Lead Plaintiff Donald Berdeaux and plaintiff Christine Grablis allege in the First Amended Class Action Complaint claims under the federal securities laws and common law against key operators of OneCoin Ltd. and certain of their enabling co-conspirators arising from a massive fraud perpetrated on millions of individual investors throughout the world causing injuries in excess of $4 billion through a densely-packed multi-level-marketing system.

Early in 2020, the plaintiffs dropped their claims against two other defendants – Irina Andreeva Dilinska and Sebastian Greenwood.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<