52yo convicted for promoting OneCoin crypto scam in Singapore

A Singaporean man has been sentenced for his involvement in a multi-level marketing scheme for the promotion of OneCoin crypto scam in the country. He convinced more than a thousand people to sign up for the scheme. According to the police, he will be paying a $100,000 fine for the promotion of the crypto.

52yo convicted for OneCoin crypto scam promotion

A Straitstimes report on Friday informed that the convict is named Fok Fook Seng. The 52-year-old man began promoting the OneCoin crypto scam four years ago until June 2017. He deployed a multi-level marketing scheme that touted the fraudulent digital currency to the residents in the country.

Fok also used social media platforms, like Facebook, to market the OneCoin crypto scam scheme. According to the report, he used the page dubbed “OneLife One World Team Singapore,” to tout the fraudulent crypto to the unaware public. Fok also pitched the scheme during events.

Per the report, the victims were convinced into acquiring online course packages, which will only be stuffed with promotional tokens. They will be told that those tokens are used in mining the OneCoin digital currency. In the scheme, Fok will also inform participants that they will gain commissions for referrals, which plays more like a Pyramid scheme.

Fok to pay $100,000 fine

For all the months Fok marketed the OneCoin crypto scam scheme, he lured in 1,180 Singaporean to sign up for the scheme. Not just in Singapore, the convict also attracted residents in other nations, according to the police. In April 2019, Fok was charged under the Pyramid Selling (Prohibition) Act and Multi-Level Marketing.

Following the report, Fok was ordered on July 1 to pay up to $100,000 fine for the offense in marketing the OneCoin crypto scam scheme. The police went on to say that digital currencies aren’t any legal tender and warned the residents to deviate from associating with unregulated individuals or companies dealing with them.