William Morro was taken into custody and indicted by the American Justice Department for his involvement in the OneCoin cryptocurrency scam. According to court documents filed on April 23 in New York’s Southern District Court, Morro allegedly facilitated the transfer of $35 million from Chinese bank accounts to Hong Kong accounts under the umbrella of the OneCoin business in the year 2016.
The indictment states that Morro subsequently moved over $6 million from his Hong Kong account into a U.S. account belonging to him, an action classified as fraudulent by the law enforcement.
Guilty Plea and Legal Representation
Morro willingly handed himself over to the law enforcement and admitted guilt for conspiring to defraud a bank. He’s currently out on bail, and his trial for sentencing is scheduled for August 1st.
Morro retained lawyers Mark Cohen and Jonathan Abernethy from law firm Cohen and Gresser for his defense, who had recently successfully handled intricate financial fraud cases for significant clients. This selection underscores the intricacy of this case and the gravity of the accusations against Morro.
Connections with OneCoin
Morro is linked to Gilbert Armenta through the Onecoin investigation. Armenta, who is the significant other of Onecoin’s founder Ruja Ignatova, was sentenced to five years in prison in 2023 for laundering approximately $300 million from the fraudulent scheme’s earnings.
One aspect of the broader US probe into OneCoin involves Morro’s case. Several other individuals linked to OneCoin have been indicted by American authorities, including co-founder Karl Sebastian Greenwood and former legal and compliance head Irina Dilkinska.
Background of the Scheme
In 2014, OneCoin was launched, but it wasn’t until the following year that it was exposed as a Ponzi scheme. This deceitful venture tricked investors out of an estimated $4 billion through the promotion of a nonexistent cryptocurrency.
The business opportunity drew in investors with the promise of substantial returns that weren’t reliant on economic conditions, but rather on bringing in new members to sustain payouts. Ruja Ignatova, famously known as the ‘CryptoQueen,’ orchestrated this deceitful scheme. She went missing in 2017 and was later discovered in 2023 after a five-year absence, making her one of the FBI’s most elusive fugitives.
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2024-04-24 23:51