TD Bank-OneCoin Pyramid Scheme Investigation

Migliaccio & Rathod LLP is currently investigating TD Bank over allegations that it put consumers at risk by facilitating a fraudulent cryptocurrency scheme. Specifically, TD Bank appears to have failed to put a stop to wire transfers associated with “OneCoin” despite other similar financial institutions’ immediate identification of OneCoin as fraud and halt to OneCoin associated transfers. OneCoin reaped billions of dollars as a pyramid scheme that billed itself as a cryptocurrency. Under the leadership of Ruja Ignatova and Sebastian Greenwood, OneCoin misled investors to believe that purchases of OneCoin “packages” provided high returns when, in reality, they merely padded the pockets of OneCoin’s proprietors.

In 2019, federal authorities brought charges against Ignatova, Greenwood, her brother, and other individuals associated with the operations of OneCoin. These charges include wire-fraud, money laundering and extortion. At the trial of Ruja Ignatova’s brother, Konstantin, evidence was presented that TD Bank processed several transactions on behalf of OneCoin after it should have become aware of the fraud. TD Bank has not been held accountable for having allegedly neglected to protect its customers from the fraudulent practices of OneCoin. Evidence suggests that the bank allowed investors to continue to wire money to OneCoin accounts through TD Bank long after other similar institutions recognized and stopped the scam.

Did you lose money investing in OneCoin or a cryptocurrency through TD Bank wire transfer?

If so, we would like to hear from you. Please fill out our contact form, send us an email at [email protected] or give us a call at (202) 470-3520.

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The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving consumer protection. More information about our current cases and investigations is available on our blog.