Judge Remains Unconvinced of Onecoin Lawyer’s Innocence Despite Witness Lies
A witness’s lies were not enough to convince a judge of the innocence of a lawyer involved in the money laundering activities of the infamous crypto Ponzi scheme, Onecoin. Mark Scott, who assisted in setting up a fraudulent investment fund, will not be granted a new trial. Prosecutors alleged that Scott made $50 million from the scheme, which collected $4 billion from defrauded investors worldwide. Despite the lies told by Konstantin Ignatov, brother of Onecoin mastermind Ruja Ignatova, the judge ruled against a retrial.
Background and Conviction
In November 2019, Scott, a former Locke Lord partner, was found guilty and accused of using the laundered money for an extravagant lifestyle, including luxury homes, cars, and a yacht. Ignatov, who assisted Ignatova in the fraud, pleaded guilty to related charges and testified against Scott.
Judge’s Decision and Appeal
U.S. District Judge Edgardo Ramos denied Scott’s request for a new trial despite acknowledging Ignatov’s false testimony. The ruling allows for Scott’s sentencing. His lawyer expressed disappointment in the court’s decision but confirmed that they plan to appeal.
The Onecoin Scheme
Onecoin enticed victims with promises of investing in a fake cryptocurrency that claimed to rival Bitcoin. It operated as a multi-level marketing scheme since its launch in 2014. Ruja Ignatova, known as “Cryptoqueen,” disappeared in 2017 and remains missing. Karl Sebastian Greenwood, another co-founder of Onecoin, was recently sentenced to 20 years in prison.
Hot Take: Onecoin’s Legacy of Deception
The denial of a new trial for Mark Scott, despite witness lies, highlights the ongoing consequences of Onecoin’s fraudulent activities. With Ruja Ignatova still at large and other key figures facing lengthy prison sentences, the fallout from this notorious crypto Ponzi scheme continues. The case serves as a reminder of the importance of due diligence and skepticism in the crypto industry. Investors must remain vigilant to avoid falling victim to similar scams and protect their assets.
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