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21/08/24
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Montenegro Arrests FutureNet Co-Founder in $21M Crypto Fraud Case
Authorities in Montenegro have apprehended Roman Ziemian, a co-founder of the controversial crypto venture FutureNet, which is believed to have scammed approximately $21 million through deceptive practices. The arrest followed a detailed investigation by a specialized police unit that revealed Ziemian was living under a false identity in the capital, Podgorica.
Ziemian is subject to multiple arrest warrants issued by both South Korea and Poland, where he is accused of fraud, money laundering, and theft. The charges he faces in South Korea are severe, potentially leading to a life sentence if he is convicted. Following his arrest, police officials seized various devices and items allegedly linked to his criminal activities.
Currently, Ziemian is scheduled to appear before the High Court in Podgorica, where judges will deliberate on his extradition to face charges in South Korea and Poland. Ziemian was one of the key figures behind FutureNet, which he co-established in 2018 alongside Stephan Morgenstern. The platform marketed itself as a multilevel marketing entity associated with a cryptocurrency token known as FuturoCoin, which has plummeted in value.
Concerns about FutureNet’s legitimacy emerged as early as 2019, when Poland’s Office of Competition and Consumer Protection issued warnings that it appeared to function like a pyramid scheme. The program enticed investors with promises of substantial returns based on recruitment, with financial commitments ranging from $10 to $10,000.
The investigation into FutureNet intensified by mid-2020 when nearly 1,000 South Korean investors reported significant financial losses attributed to the scheme. Ziemian has a troubled legal history, having been arrested in Italy in October 2022, shortly after achieving a victory in a car race. After being released to house arrest, he managed to flee across borders. Meanwhile, Morgenstern, who shared a similar fate, was arrested in Greece and more recently apprehended in Albania, where he is also set for extradition to South Korea.
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