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.

OneCoin Founder Ruzha Ignatova

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.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.