OneCoin Associate Nabbed in New York for Bank Fraud Plot

In the ongoing OneCoin fraud investigation, William Morro has been arrested and charged with conspiracy to commit bank fraud. Prosecutors allege that Morro disguised the origins of $35 million connected to OneCoin by transferring funds to accounts in Hong Kong and the US while concealing their source. This latest arrest follows previous convictions of OneCoin principals Karl Greenwood and Irina Dilkinska, and the ongoing search for fugitive Crypto Queen Ruja Ignatova.

OneCoin Associate Arrested in New York for Bank Fraud Conspiracy

New York, NY - Federal prosecutors have arrested William Morro, an individual allegedly involved in a scheme to conceal the illicit origins of funds connected to the OneCoin cryptocurrency.

According to court documents filed in the Southern District of New York, Morro is accused of participating in a conspiracy to deceive banks about the source of OneCoin funds. Prosecutors allege that Morro facilitated the transfer of approximately $35 million in OneCoin-related funds to a bank account in Hong Kong and an additional $6 million to an account in the United States.

In a statement accompanying the filing, U.S. Attorney Damian Williams stated that Morro "received funds connected to 'OneCoin' into bank accounts that he controlled in China and caused a portion of those proceeds to be transferred to other accounts, including to a bank account held at a bank in the United States." Williams further alleged that Morro "did not disclose, among other things, that the funds were derived from 'One Coin.'"

As a result of his actions, Morro has been charged with conspiracy to commit bank fraud. The defendant waived his right to an indictment, agreeing to proceed with the case based on an information, a less formal charging document.

OneCoin's History of Fraud and Illicit Activity

OneCoin, founded in 2014 by Karl Sebastian Greenwood and Ruja Ignatova, has a long history of fraudulent practices and illegal activities. Greenwood was arrested in Thailand in 2018 on charges of fraud and money laundering and later extradited to the United States. Last year, he was sentenced to 20 years in prison and fined $300 million.

Ignatova, known as the "Crypto Queen," has also been charged with fraud and money laundering but has remained at large since 2017 when she reportedly fled to Greece. In June 2022, she was added to the FBI's Top Ten Most Wanted List.

Prosecutors allege that OneCoin used a global multi-level marketing network to promote its cryptocurrency, which contributed to its rapid growth. However, the cryptocurrency itself was allegedly worthless, and Greenwood and Ignatova are accused of misleading investors by comparing OneCoin to Bitcoin and other established cryptocurrencies.

In recent months, other individuals involved in OneCoin have faced legal consequences. Irina Dilkinska, the former head of legal and compliance for the project, was sentenced to four years in prison for her role in the scheme.

The arrest of William Morro is another significant step in the ongoing effort to hold those responsible for the OneCoin fraud accountable and recover lost funds for victims.