Notice of Securities Class Action Lawsuit Against OneCoin and Its Founders/Promoters

CORAL SPRINGS, Fla., May 7, 2019 /PRNewswire/ -- Silver Miller (www.SilverMillerLaw.com) -- the leading cryptocurrency investor law firm in the country -- has commended a new class action lawsuit on behalf of individuals and entities who contributed cryptocurrency or fiat currency to OneCoin, Ltd., the reported $4 billion Ponzi scheme founded by Ruja Ignatova, Sebastian Greenwood, and recently helmed by Ruja's brother Konstantin Ignatov.  The lawsuit was filed in the United States District Court for the Southern District of New York and is captioned Grablis, et al. v. OneCoin Ltd., et al., Case No. 1:19-cv-40704 (the "Lawsuit").  A copy of the Complaint filed in the Lawsuit can be seen HERE.

Any member of the putative class may move the Court to serve as lead plaintiff through counsel of his/her/its choice or may choose to do nothing and remain an absent class member.  If you wish to serve as lead plaintiff in the Lawsuit, however, you must move the Court no later than July 8, 2019 to appoint you as the lead plaintiff.  If you wish to discuss the Lawsuit or have any questions concerning this notice or your rights or interests as they relate to the Lawsuit, please contact plaintiffs' counsel David C. Silver of Silver Miller at (954) 516-6000 or [email protected].

The Complaint alleges that OneCoin Ltd., its related corporate entities, and the companies' founders and principals fraudulently promoted cryptocurrency investments and engaged in an unregistered offering and sale of securities that violated numerous federal securities laws, including Sections 5, 12(a), 15, and 17(a) of the Securities Act of 1933, 15 U.S.C. §§ 77e, 77l(a), 77o, and 77q(a).  The Complaint further alleges that OneCoin's principals, along with Florida-based attorney Mark Scott, laundered hundreds of millions of dollars of investor funds.  The Lawsuit pleads that the Court rescind all investments in OneCoin; return to all investors their funds; require OneCoin to account for all funds raised from investors; and adjudicate that OneCoin and its principals violated multiple securities laws through their fraudulent, unregistered investment scheme.

Silver Miller currently represents cryptocurrency investors in actions pending against the Coinbase, Kraken, BitConnect, and Cryptsy exchanges as well as blockchain start-ups Nano and GigaWatt and cryptocurrency hedge fund Coin Signals.

SOURCE Silver Miller

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