Ponzi OneCoin scammers are launching Circle of Finance and legal loopholes about OneCoin since 2015

After leaving OneCoin, Veselina Valkova and Habib Zahid are preparing to launch a copy of the Ponzi OneCoin project. This project is called the Circle of Finance (also called Invicta). However, current information about it is still sketchy. Furthermore, AZCoin News also discovered legal leaks on OneCoin from law firm Schulenberg & Schenk in May 2016.

What is the Circle of Finance (Invicta)?

Information about Circle of Finance first appeared in November 2019. The company was purposefully combined with another company, TradeInvicta, in Estonia. However, it is only a shell company that exists in the name of law. Heaven Invest founded TradeInvicta in Estonia with a capital of €1800.

ponzi-onecoin-scammers-are-launching-circle-of-finance-and-legal-loopholes-about-onecoin-since-2015

The owners of TradeInvicta are Veselina Valkova and Habib Zahid. Habib Zahid is a former top employer of OneCoin Ponzi. Veselina Valkova is a character who holds many more positions. Valkova works for OneCoin Group but not under senior management.

ponzi-onecoin-scammers-are-launching-circle-of-finance-and-legal-loopholes-about-onecoin-since-2015[1]

Veselina Valkova worked for OneCoin corporate but wasn’t part of senior management.

Twelve hours ago, a video was published on Circle of Finance’s official YouTube channel. The video mainly deals with stock footage and earnings promotions. Content including introduction of Circle of Finance is program forex, network marketing, e-commerce, payment processing, and exchange, and remittances. Those are all ideas that OneCoin has tried, except exchange and remittances. The reason OneCoin did not set up an exchange is that the police have repressed it.

ponzi-onecoin-scammers-are-launching-circle-of-finance-and-legal-loopholes-about-onecoin-since-2015[2]

Source: Circle of Finance

Circle of Finance is primarily aimed at OneCoin investors. As for forex, it seems that the Circle of Finance is using the same plan as OneCoin to attract investment. And this is quite standard for an MLM cryptocurrency Ponzi scheme.

ponzi-onecoin-scammers-are-launching-circle-of-finance-and-legal-loopholes-about-onecoin-since-2015[3]

The Circle of Finance group photo was made public on January 20th.

However, it seems that Zahid and Valkova cannot afford to manage to bring the Circle of Finance to the market. As of January 29, TradeInvicta in Estonia is no longer available. However, that does not mean that Zahid and Valkova will not launch the Circle of Finance. It’s just that we entirely spared from, but what about the Estonia license?

Legal opinions of Schulenberg & Schenk (2015) about Ponzi OneCoin

The hearing on the legal advice of the law firm Schulenberg & Schenk on OneCoin is May 2016. It turns out that OneCoin joined Schulenberg & Schenk to justify their Ponzi scheme the previous year. Perhaps sometime before May 2015, Schulenberg & Schenk were tasked with giving legal opinions about OneCoin.

ponzi-onecoin-scammers-are-launching-circle-of-finance-and-legal-loopholes-about-onecoin-since-2015[4]

OneCoin may be found to violate both parts of the German Anti-Unfair Competition Act.

  • OneCoin affiliates have been paid to recruit new branches.
  • The compensation paid by OneCoin is mainly associated with the recruitment of new investors. In particular, OneCoin has no other revenue sources.

Instead of acknowledging these two facts, Schulenberg & Schenk justified:

“With regards to the OneCoin distribution system, there is no risk of narrowing/tightening the market or raising the typical product price for the networks because no commissions are transferred in the structures. This leads to an increase in product prices.  The IMA is also not given the false impression of reaching a swift economic success when taking part in the OneCoin distribution system – without the corresponding effort.”

And special:

  • OneCoin has no products.
  • Commission has been paid online.
  • Market contraction/tightening has occurred (as in any pyramid scheme). This is so great that OneCoin stopped paying ROI withdrawal requests in October 2017.

Schulenberg & Schenk concluded as follows:

“A general assessment of the various components of the OneCoin distribution system leads to the fact that the OneCoin distribution system is a legal system rather than a progressive one (pyramid scheme).”

How much Schulenberg & Schenk was paid for legal opinions about OneCoin has never been revealed. After commissioning, Schulenberg & Schenk were retained by Ruja Ignatova to represent himself and OneCoin in Germany.

Ignatova used Schulenberg & Schenk to threaten anyone in Germany to publish negative information about OneCoin. Two years after the initial opinion, BaFin, Germany’s leading financial management agency, banned OneCoin from operating because of concerns about securities fraud.

In early 2019, US authorities will arrest Ruja Ignatova’s brother, Konstantin. Criminal charges have also been filed against Ruja.

In mid-2016, lawyer Schulenberg & Schenk, Andre Schenk, appeared in a YouTube video to defend OneCoin. Although Schulenberg & Schenk participate in the blatant MLM Ponzi scheme as a customer, Schenk claims to be specialized in MLM. However, the video has been removed from YouTube.

Earlier this month, Schulenberg & Schenk changed their name to SBS Legal.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS