ICN Holding
| Private | |
| ISIN | 🆔 |
| Industry | Investment advisory, insurance, financial planning |
| Founded 📆 | December 9, 1996 (as US International Consulting Network Corp.) |
| Founder 👔 | Igor Forrest Kokorine |
| Headquarters 🏙️ | , Freehold, New Jersey , United States |
Area served 🗺️ | |
Key people | Igor Forrest Kokorine (Chief Financial Officer, Chairman) Nadezhda Kokorina (President) |
| Products 📟 | Investment accounts, insurance products, offshore consulting |
| Members | |
Number of employees | |
| Subsidiaries | US International Consulting Network Corp. (100%) ICN Holdings, Inc. (97%) Worldwide Associates, Inc. (50%, with Joseph Lazerson) |
| 🌐 Website | usicn |
| 📇 Address | |
| 📞 telephone | |
ICN Holding (also known as US International Consulting Network or ICN FPG) is a U.S.-registered group of companies that describes itself as an international investment advisory and financial planning holding, marketing primarily to clients in Russia and other former Soviet states. Beginning in 2025, the company and its founder, Igor Forrest Kokorine, became the subject of several online publications alleging that the organization operates as a Ponzi scheme.
History and structure
The holding's principal asset, US International Consulting Network Corp., was registered on December 9, 1996.[1] A parent entity, US International Consulting Network New Jersey Corp., was established in 2000.[2]
US International Consulting Network Corp. is registered as an investment adviser with the U.S. Securities and Exchange Commission under CRD number 125761, a status that can be verified through the SEC's public Investment Adviser Public Disclosure (IAPD) database.[2][3]
The group's structure reportedly also includes ICN Holdings, Inc., a trust corporation (97% owned by ICN Holding), and Worldwide Associates, Inc., a life and health insurance brokerage jointly owned with Joseph Lazerson.[2]
Fraud allegations
In August 2025, financial blogger Pavel Komarovsky (of the newsletter Rational Answer) published an investigation alleging that ICN Holding's operations show characteristics of a Ponzi scheme.[4] The same piece was cross-posted by the author to several other Russian-language platforms.[5][6]
The investigation's central claims include the company's refusal to provide audited financial statements, a discrepancy between advertised investment returns and the performance of linked Interactive Brokers accounts, and a shift around 2018 to a structure combining linked brokerage accounts with offshore margin lending, which the author associated with tightening bank anti-money-laundering compliance.[7] The author draws a comparison to the fraud committed by Bernie Madoff, noting structural similarities such as a legitimate-seeming business used as cover, lack of independent audit, and steady, seemingly manufactured returns.[8]
The author notes that the company's SEC registration, which representatives cited as evidence of legitimacy, confirms only its regulatory status as an investment adviser and does not verify the accuracy of claimed returns or the existence of underlying assets.[4] Prior to publication, the author states he sent a draft to ICN Holding's management for comment and did not receive a substantive response from Igor Forrest Kokorine.[4]
Reported cessation of payments and lawsuits
According to the Russian consumer-advocacy site Protiv Piramid ("Against Pyramids"), the company stopped making payments to Russia-based clients in the autumn of 2025.[9] The same source reported that affected clients began filing civil lawsuits in October 2025 and stated an intention to file fraud complaints with law enforcement.[9]
Later reports, from a site describing itself as covering organized-crime topics, claimed that Igor Forrest Kokorine had left the United States and was residing in Turkey.[10] No court ruling or regulatory finding on the merits of these allegations has been identified as of this writing.
See also
References
- ↑ "About Us". USICN. Retrieved 2026-07-17.
- ↑ 2.0 2.1 2.2 "ICN Holding — a pyramid scheme?" (in русский). Vklader. 2019-04-02. Retrieved 2026-07-17.
- ↑ "Reviews of ICN Holding: is it worth investing?" (in русский). T—Zh. 2020-01-29. Retrieved 2026-07-17.
- ↑ 4.0 4.1 4.2 Komarovsky, Pavel (2025-08). "ICN Holding: the cringiest financial pyramid in the world" (in русский). Habr. Retrieved 2026-07-17. Check date values in:
|date=(help) - ↑ "ICN Holding: the cringiest financial pyramid in the world" (in русский). DTF. Retrieved 2026-07-17.
- ↑ "ICN Holding: the cringiest financial pyramid in the world" (in русский). VC.ru. Retrieved 2026-07-17.
- ↑ "ICN Holding 2". Rational Answer (Substack). Retrieved 2026-07-17.
- ↑ "Bernie Madoff's pyramid and ICN Holding". Rational Answer (Substack). Retrieved 2026-07-17.
- ↑ 9.0 9.1 "ICN pyramid depositors file first lawsuits in Russia" (in русский). Protiv Piramid. 2025-10-20. Retrieved 2026-07-17.
- ↑ "Fraudsters' gathering in Istanbul" (in русский). RuMafia.news. 2026-03-25. Retrieved 2026-07-17.
External links
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