William Morro Pleads Guilty to Bank Fraud in Connection with OneCoin Scheme

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OneCoin insider William Morro pleads guilty to bank fraud in connection with the $4 billion crypto scam.

In a recent development that adds another chapter to the saga of cryptocurrency scams, William Morro, a key figure in the infamous OneCoin debacle, has been apprehended by US authorities. The arrest, made public on April 23rd in the Southern District of New York, marks a significant step in the pursuit of justice for victims of the elaborate scheme.

According to prosecutors, Morro stands accused of orchestrating bank fraud to the tune of millions of dollars in connection with the OneCoin cryptocurrency scam. The indictment alleges that Morro facilitated the transfer of substantial sums, totaling $35 million, from Chinese bank accounts to a Hong Kong-based account linked to the fraudulent enterprise. Further complicating matters, it is asserted that Morro then moved over $6 million from Hong Kong to a US account under his control, thereby perpetuating the scheme.

Despite the gravity of the charges against him, Morro reportedly surrendered voluntarily to authorities. He has since pleaded guilty to one count of conspiracy to commit bank fraud and is currently out on recognizance pending sentencing, scheduled for August 1st. The Justice Department is also pursuing the forfeiture of assets connected to the OneCoin affair.

Morro's ties to key figures in the OneCoin saga, including Gilbert Armenta, former partner of OneCoin founder Ruja Ignatova, have drawn attention. Armenta himself received a substantial prison sentence for his role in laundering OneCoin funds. Morro's professional affiliations, including his position as a managing partner at InterAmerican Group and a board member of AEE Power, further underscore his involvement in the cryptocurrency realm.

Notably, Morro is represented by legal counsel with experience in high-profile cases, including Mark Cohen, who previously represented individuals embroiled in cryptocurrency-related legal battles.

The unraveling of the OneCoin scam, which began in 2014 and was exposed as fraudulent a year later, remains one of the most notorious episodes in the history of cryptocurrency. With estimated losses totaling billions of dollars, the repercussions of the scheme continue to reverberate throughout the industry.

As the legal proceedings against William Morro unfold, the arrest serves as a stark reminder of the risks inherent in the cryptocurrency space. While the pursuit of justice for victims of fraud is paramount, the case also highlights the need for enhanced regulatory measures to safeguard investors in the ever-evolving landscape of digital assets.