Legal proceedings surrounding the infamous OneCoin Ponzi scheme have seen a couple of updates, with the lead plaintiff for a $4 billion class-action urging the judge not to scrap the case after he missed two consecutive reporting deadlines.

Federal prosecutors also unsealed an indictment from 2018 against OneCoin co-founder, Karl Greenwood.

Plaintiffs request continuation of $4 billion class-action

Levi & Korsinsky LLP, the law firm representing lead plaintiff Donald Berdeaux and plaintiff Christine Grablis, has responded to an order from U.S. District Judge Valerie Caproni to show cause for the case’s continuation.

The court’s Order to Show Cause was issued on April 10 following Berdeaux’s failure to comply with monthly status report deadlines for March and April.

In justifying the case’s continuation, Levi & Korsinsky assert that the plaintiffs “have invested a significant amount of time and effort in the action, completed service on all remaining defendants at this time, and are prepared to proceed with the litigation expeditiously,” adding:

“Provided that the Court allows Plaintiffs to proceed with this matter, Plaintiffs respectfully request that the stay currently in place in this Action be lifted and that the Court schedule a telephonic conference to discuss next steps.”

Indictment against OneCoin co-founder unsealed

Federal prosecutors unsealed a 2018 indictment alleging against OneCoin co-founder Karl Greenwood for conspiracy to commit wire fraud earlier this month. The complaint alleges:

“[...] Greenwood, and others acting on his behalf, made and caused to be made false statements and misrepresentations soliciting individuals throughout the world [and] instructed individuals to transmit investment funds to OneCoin depository accounts in order to purchase OneCoin packages, [...] resulting in the receipt of over $1 billion of investor funds into OneCoin[-]related bank accounts."

Greenwood was extradited to the United States during November 2018 after being arrested in Thailand. His pre-trial conference is slated for June 3.