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Frank Rickett, a British citizen who was once the biggest supporter of OneCoin, has been on trial in Germany since October 2020. The experiment was supposed to be over by March 2021, but because of the pandemic caused by COVID-19, it has been put off again and again. Due to the most recent setback, the end of the trial has been moved to August 2022. In this article, we’ll look into the history of the OneCoin scam and Frank Rickett’s role in it. We’ll also talk about where the trial is at the moment and what could happen with the case.
The OneCoin Ponzi scheme’s past
In 2014, OneCoin, a multi-level marketing (MLM) opportunity, was introduced in Bulgaria. It was a pyramid scheme that pretended to be a cryptocurrency that could compete with Bitcoin. In reality, it was just a scam cryptocurrency. Even blockchain or cryptocurrency tech wasn’t used. Promoters of OneCoin said that the digital currency was backed by gold reserves and that it was traded on an exchange that was unique to OneCoin. However, these claims were never proven to be true.
The truth about the OneCoin scheme finally came out, and Ruja Ignatova, who came up with it, was charged with fraud and money laundering in the United States. She is now called a “fugitive” because she is running away from the people who are looking for her.
The Part Frank Rickett Plays in OneCoin
Frank Rickett was one of the most vocal supporters of OneCoin in the United Kingdom. He is said to have been one of the first people to get on board with the plan and to have made millions of euros because of it. Rickett was also in the inner circle of OneCoin and talked to the company’s founder, Ruja Ignatova, directly.
Rickett was arrested in Germany, where he had been living since 2017. This happened in August 2020. Because he worked with OneCoin, he was accused of fraud, money laundering, and running a pyramid scheme.
Current Position in the Trial
Frank Rickett was charged with a crime in October 2020. The trial was supposed to last until March 2021, but it was put off. But because of the widespread COVID-19 outbreak, the experiment has been put on hold many times. Because of the latest setback, the trial won’t be over until August 2022.
During the trial, Rickett has been defended by a group of German lawyers. The trial has been held in a regional court in Germany. At this point in the trial, the court has heard from several witnesses, including people who were scammed and people who used to support OneCoin. Rickett has denied all of the things that have been said about him.
Different Points of View on the Trial’s Results
If Frank Rickett is found guilty of what has been said about him, he may have to spend a lot of time in jail and pay a lot of fines. On the other hand, he could be cleared of the crime if the judge decides that there isn’t enough evidence to convict him. This is one of the possible things that could happen.
The outcome of the trial could affect the ongoing investigation into the OneCoin fraud in a way that is not yet clear. Likely, many of the top people who promoted OneCoin have not yet been sent to prison, and investors lost billions of dollars because of the scam.
Conclusion
The court case against Frank Rickett, who was a big supporter of the OneCoin hoax, has been put off until August 2022 because of the COVID-19 virus. Rickett is being accused of fraud, money laundering, and running a pyramid scheme because of his relationship with OneCoin. If he is found guilty, he could spend a long time in jail and have to pay a lot of money in fines. The verdict of the trial could also affect the ongoing investigation into the OneCoin scam, which is thought to have cost investors billions of dollars.
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