Carter-Ruck loses OneCoin secrecy bid after tribunal ruling
The Solicitors Disciplinary Tribunal (SDT) has refused an application by law firm Carter-Ruck to hold proceedings in private in a case concerning its past work for OneCoin, the collapsed $4 billion investment scheme. Carter-Ruck partner Claire Gill is facing prosecution by the Solicitors Regulation Authority (SRA) over an alleged improper threat of litigation made while acting for OneCoin. The SRA’s decision follows a 2023 complaint by Tax Policy Associates.
At a preliminary hearing on 28 August 2025, Carter-Ruck requested anonymity and private hearings, citing client confidentiality and legal privilege. Several media and civil society organisations — including The Bureau of Investigative Journalism, The Foreign Policy Centre, The Free Speech Union and Spotlight on Corruption — opposed the request, arguing that the case should be heard in public. On 15 September 2025, the SDT ruled that the hearings will remain open, with documents published subject to limited redactions for personal details. The tribunal found that privilege does not apply where instructions are in furtherance of fraud.
Carter-Ruck began acting for OneCoin in 2016. That year, after cryptocurrency outlet CoinTelegraph described OneCoin as a Ponzi scheme, the firm sent correspondence demanding the removal of the article. In 2017, Scottish investor and whistleblower Jen McAdam reported receiving legal threats after raising concerns about OneCoin in a webcast. Around the same time, the Financial Conduct Authority (FCA) issued a consumer warning that OneCoin was unregulated and under investigation. The notice was later temporarily removed following intervention from Carter-Ruck, before being restored.
Embed from Getty ImagesOneCoin, founded by Ruja Ignatova, collapsed later in 2017 after US prosecutors charged her with fraud and money laundering. Ignatova disappeared soon after and remains on the FBI’s Ten Most Wanted list. Investigations by regulators and law enforcement found that OneCoin did not operate a blockchain, despite marketing claims. Its price charts showed implausible gains, withdrawals were suspended in early 2017, and its auditing arrangements broke down. Authorities in multiple countries have described OneCoin as one of the largest frauds in history, with losses estimated at more than $4 billion.
This is not the first time Carter-Ruck’s client work has come under scrutiny. In the early 2010s, the firm acted for Harlequin, a Caribbean property investment venture that was later found to be fraudulent. During that period, an online forum questioning Harlequin’s legitimacy was closed following legal action. Harlequin subsequently collapsed, with investors losing nearly £400 million. Its founder, David Ames, was jailed in 2022 for fraud.
The substantive SDT hearing into the SRA’s case against Gill is scheduled for June 2026. Until then, the firm continues to contest the allegations.