Brother vs. Sister: OneCoin Case Takes an Unexpected Turn
Konstantin Ignatov, brother of OneCoin founder Ruzha Ignatova, who is also allegedly a key figure behind the $4 billion Ponzi scheme, has agreed to testify against his sister.
Recently reported details about the terms of the settlement reveal that Ignatov has agreed to both cooperate with the class action lawsuit by OneCoin investors and to testify against his sister on their behalf if the case proceeds.
Ignatov is also a defendant and cooperating witness in a parallel criminal case, and his testimony helped secure the conviction of the lawyer and alleged OneCoin money launderer Mark Scott in November 2019.
Ignatov pleaded guilty to charges of money laundering and conspiracy to commit fraud in October, and faces 90 years in prison. Ignatov’s sentencing is currently scheduled for Nov. 11.
In November, Ignatov told prosecutors in New York that the owner of Phoenix Thoroughbreds (Amer Abdulaziz Salman) was a key “money launderer” working under the direction of Mark Scott’s co-conspirator and Ruzha’s former lover, Gilbert Armen.
Reports suggest racing firm Phoenix Thoroughbreds was banned from French competition over its alleged links to OneCoin in the past week, with the company also pulling out of British events.
Abdulaziz and Phoenix Thoroughbreds have denied the allegations.