A German court has handed down prison sentences to three major players caught funneling stolen OneCoin money through the financial system.

Frank Ricketts, who promoted the cryptocurrency Ponzi scheme and helped launder its proceeds, will serve five years. His wife Manon Hubenthal received four years for her role in the operation. Disgraced attorney Martin Breidenbach, who provided legal cover for the pair's money laundering, got two years and nine months.

The Bielefeld Public Prosecutor's Office charged all three in November 2020. The case dragged through German courts for years. Ricketts' trial alone stretched beyond two years before wrapping up.

The trial finally started in September 2021 after initial delays. A judge told Ricketts in November 2021 to consider pleading guilty, but it remains unclear whether he ultimately took that advice or insisted on a verdict. The outcome may have depended on his decision.

OneCoin promised investors huge returns on a cryptocurrency that didn't actually exist. Ricketts and others at the operation's upper levels promoted the scheme while insiders quietly moved the stolen money offshore. Breidenbach's legal expertise helped them disguise where the cash came from and where it went.

The sentences mark another step toward accountability in what became one of the cryptocurrency world's biggest frauds. OneCoin's ringleader, Ruja Ignatova, remains at large. She vanished in 2017 and is believed to be hiding in Eastern Europe or Russia.

It's still unclear whether the court imposed financial penalties alongside the prison time.

🤖 Quick Answer

What was Frank Ricketts' role in the OneCoin scheme?
Frank Ricketts promoted the OneCoin cryptocurrency Ponzi scheme and assisted in laundering its proceeds through the financial system. His involvement in funneling stolen funds led to his conviction by a German court and a five-year prison sentence handed down after a trial lasting over two years.

Who else received prison sentences in the OneCoin case?
Frank Ricketts' wife, Manon Hubenthal, was sentenced to four years in prison for her participation in the money laundering operation. Attorney Martin Breidenbach, who provided legal assistance to facilitate their activities, received two years and nine months. All three were charged by the Bielefeld Public Prosecutor's Office in November 2020.

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