The New York Southern District Court has approved of a continuation status, regarding the legal case of David Pike, over his alleged connection with the OneCoin Ponzi scheme.

Reported by the FinanceFeeds on December 21, a continuance for the lawsuit has been authorized, in effect until Jan. 12, 2020, according to the court papers filed on December 20. 

Nicholas Folly – the Assistant United States Attorney – reportedly revealed that counsels for the involved parties are deciding whether pre-indictment disposition is a possibility. The continuation therefore considered appropriate, as such discussions are still going on. 

Pike was previously the main person handling operations of an alleged private equity fund, which is referred to as the “Fenero Funds”. The funds were then believed to be used as a tool that supports the money laundering process of the OneCoin Ponzi scheme.

Pike was then charged with generating materially false statements and representations, to numerous FBI special agents, the IRS Criminal Investigation Division, along with the US Attorney’s Office for the Southern District of New York representatives.

Pike has allegedly stated to not knowing about the amount of money, approximately equivalent to $400 million, was sent to the fund mentioned above, which is controlled by the OneCoin founder Ruja Ignatova, or that the amount was generated from the scheme.