Regulation

‘OneCoin’ Crypto MLM Scheme Promoter Fined In Singapore.

Recently on Wednesday, Fok Fook Seng of Singapore was found guilty of operating a MLM scam associated to the crypto Ponzi scheme OneCoin.

Since its inception, the OneCoin crypto scam has defrauded investors of over $4.4 Bln.

In line with the native reporting media ‘News Asia’, Fok was convicted for promoting the MLM scheme between January 2016 & June 2017 and was fined 100,000 Singapore dollars [ around $72k USD].

The police primarily filed charges against him earlier in the month of April last year under the MLM & Pyramid Selling Prohibition Act, that they said was the very first time of its kind.

Promoting MLM Scheme To Large Scale

Fok successfully managed to market his MLM scheme via online seminars he conducted on his Facebook page OneLife One World Team Singapore. The authorities added that Fok also promoted his scheme at large-scale events to urge more buyers.

The reported MLM sold packages of online education courses that came along side free “promotional tokens.” The scammers convinced the buyers that they might use the free tokens to mine even more OneCoin.

The MLM had a referral program that might permit its participants to receive commissions if more people purchased the package via their referral. They were also to receive commissions if their referred participants would usher in more people.

After an year of rigorously referring the MLM via his main account, Fok and his team were ready to convince over 1,180 members across Singapore and as well as other countries, the police added within its statement.

The legal proceedings are still ongoing for Fok’s partner who was charged with similar offense.

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