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OneCoin's Konstantin Ignatov Sentenced to Time Served

06/03 17:32

According to Bloomberg, Konstantin Ignatov, the brother of fugitive 'Cryptoqueen' Ruja Ignatova, has been sentenced to the 34 months he had already spent in jail after pleading guilty to helping run the OneCoin cryptocurrency scam. US District Judge Edgardo Ramos called OneCoin 'a massive fraud with hundreds of thousands of victims,' most of whom stand little chance of getting any of their money back. However, he credited Ignatov's cooperation with prosecutors, who recommended the sentence of time served. Ignatov's cooperation included his trial testimony against Mark Scott, the former lawyer who was convicted of laundering $400 million from the fraud and sentenced to 10 years in prison. OneCoin generated €3.4 billion ($3.7 billion) in revenue from the fourth quarter of 2014 to the third quarter of 2016, according to prosecutors. After the trial, Ignatov admitted he had lied on the witness stand about disposing of his laptop in a Las Vegas trash bin. In addition to the sentence of time served for Ignatov, Ramos ordered two years of supervised release and agreed to forfeit $118,000.

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