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A Singaporean man was found guilty and fined $72,000 for promoting the OneCoin cryptocurrency pyramid scheme, which raised more than $4 billion around the world.

Fifty-two-year-old Singaporean Fok Fook Seng was convicted and fined $72,000 this week for promoting the OneCoin cryptocurrency scam between January 2016 and June 2017, The Straits Times reported.

Singapore police said Seng was the first Singaporean to be found guilty of violating the Ponzi Scheme Prohibition Act 2000. Fok used a Facebook page - OneLife One World Team Singapore - to advertise OneCoin and promoted the scheme at major events.

The fraudulent nature of the OneCoin scheme became known
back in 2015, and gradually all major countries
began to suppress the activities of the pyramid. Last spring he was arrested in the United States
alleged OneCoin leader Konstantin Ignatov on charges of organizing a financial pyramid and stealing billions of dollars from investors.

Last fall, he agreed to a plea deal under which he would receive “only” 90 years in prison. Interestingly, lawyer Marc Scott, who laundered about $400 million for the founders of OneCoin, acted as a witness against Ignatov.
 
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