The OneCoin affiliate investor pool is currently divided into two camps.
The first group of investors are those who believe the points in their backoffice are actual money.
Since inception, all OneCoin affiliates have been able to do with their points is transfer them to other affiliates.
Under the guise of trade with third-party merchants, in reality this is how OneCoin’s DealShaker platform works.
The second group of investors realize they’ve been had but don’t have an out.
OneCoin is a shady enterprise run by individuals who spend most of their time in hiding.
OneCoin support don’t honor refund requests because they know the backoffice points are worthless.
In Italy, where OneCoin has been banned for being a pyramid scheme and fined, consumer protection organizations are working to provide Italian victims of OneCoin with a solution.
Rather than clear its name, upon being banned and fined OneCoin simply abandoned Italy.
This left over 51,000 Italian OneCoin affiliates in the lurch.
The Consumer’s Center for South Tyrol (Vzs), who along with the European Consumer Center filed complaints against OneCoin with authorities in 2016, has drafted a letter it is making available to Italian OneCoin affiliates.
The purpose of the letter is simple, to demand OneCoin refund Italian affiliate victims of the scheme.
“It is time for measures to prevent the emergence of such pyramidal systems in the future,” says Vzs Managing Director Walther Andreaus.
“This is the reason why we have created a sample letter for consumers, which is required by One Network Services LTD to return the invested sums.
We can not accept that a few will enrich themselves at the expense of many. “
Whether OneCoin will honor Italian affiliate refunds remains to be seen. Thus far the company hasn’t even publicly acknowledged it was deemed a pyramid scheme and fined.
Monika Nardo, Coordinator of the ECC has revealed the agency is attempting to spread awareness of OneCoin throughout Europe.
One Life Network LTD’s case is in Bulgaria, so we will ask the colleagues from the European Consumer Center for help and we will report the case to the competent European authorities.
Vzs meanwhile are hoping Italy’s Public Prosecutors open a criminal case against the company.
“We need reports from consumers and the related documents, in order to possibly be able to inform the responsible public prosecutors,” explains Andreaus.
“If funds can be secured, it is certainly better to stand up for his rights than to stand idly.”