Lawyer Accused of Money Laundering in OneCoin Scam Denied New Trial
A lawyer named Mark Scott, who was accused of laundering $400 million in the infamous OneCoin cryptocurrency scam in 2019, has been denied a new trial. Despite citing several legal mistakes and false testimony in the original trial, Scott’s motion for a fresh trial was declined by the court.
In 2019, Scott was found guilty of bank fraud conspiracy and money laundering. Prosecutors alleged that he earned $50 million as part of a wider plot to launder $400 million in a fraud scheme led by Ruja “Cryptoqueen” Ignatov, the founder of OneCoin. It was also claimed that Scott used the proceeds from the scam to fund an extravagant lifestyle.
In his motion, Scott argued that prosecution witnesses, including Ignatov’s brother Konstantin Ignatov, had perjured themselves during the trial. However, United States District Judge Edgardo Ramos ruled against the motion, stating that he was not convinced of Scott’s innocence.
Scott’s lawyers expressed disappointment with the ruling, highlighting the undisputed evidence of perjury by the government’s cooperating witness.
OneCoin: A Rewind Down Memory Lane
OneCoin was launched in 2014 and initially presented as a potential rival to Bitcoin, promising high returns to investors. However, it later became known as one of the largest pyramid schemes ever seen. Over 3.5 million people were defrauded in a scheme that generated over $4 billion. Shockingly, it was revealed that the coin had no actual value and was marketed globally.
Karl Greenwood, one of the co-founders of OneCoin, recently received a 20-year prison sentence and a $300 million fine for his involvement in the scheme. He had been held in custody since 2018 and pleaded guilty to the charges.
“Cryptoqueen” Remains Untraceable
Ruja Ignatov, also known as the “cryptoqueen,” has been on the run since the OneCoin meltdown. She hasn’t been seen since October 2017, when she boarded a plane to Greece. Ignatov is currently on the FBI’s 10 most wanted list, with a $100,000 whistleblower reward. Despite rumors of her demise, recent developments have linked her to a property in London.
While Ignatov remains at large, several co-conspirators have been arrested, including Karl Greenwood, Irina Dilkinska (the former head of legal at OneCoin), and Christopher Hamilton (an associate of Ignatov).
Hot Take: Scott Denied New Trial in OneCoin Scam Case
In a blow to Mark Scott, the lawyer accused of money laundering in the OneCoin cryptocurrency scam, his motion for a new trial has been denied. Despite pointing out legal mistakes and false testimony from witnesses, Scott’s plea was rejected by the court. This decision comes as another setback for Scott, who was found guilty of bank fraud conspiracy and money laundering in 2019.
The OneCoin scam, which defrauded millions of people and generated billions of dollars, remains one of the biggest pyramid schemes ever seen. While some co-conspirators have been apprehended, including Karl Greenwood who recently received a long prison sentence, the mastermind behind it all, Ruja Ignatov, remains on the run and untraceable.
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