Karl Greenwood, one of the founders of the OneCoin pyramid scheme, was sentenced to 20 years in prison for his role in the project by a federal court in the Southern District of New York, according to a statement from the attorney’s office on Tuesday.
U.S. District Judge Edgardo Ramos also ordered Greenwood to forfeit $300 million, the approximate amount he pocketed from the scheme.
OneCoin began in Bulgaria in 2014, branding itself as a cryptocurrency and telling investors that the token could be mined and had real value. In reality, it did not exist on the blockchain and was a pyramid scheme in which investors were rewarded
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