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FSS prosecutes UNCoin over pyramid sales scheme, investment claims

( December 4, 2015, 07:33 GMT | Insight) -- South Korea’s Financial Supervisory Service has decided to prosecute UNCoin for selling its virtual money though an alleged pyramid scheme and releasing false information saying it would guarantee profits 10,000 times more than customers' original investments, Ajunews reports. The company said its virtual money, named "UNC", had been approved by the United Nations and was used all over the world, which was apparently untrue. It asked investors to buy UNC for investment purposes, promising unrealizable profits. The alleged violation was found to involve tens of billions of won (10 billion won = $8.64 million) among only a small portion of its investors; the total sum is expected to be higher. The FSS said South Korea had never accepted virtual money as legal tender. ...

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