OneCoin’s Chief Legal Officer Denied Request for Trial
Mark Scott, the former chief legal officer associated with the $4 billion OneCoin fraud, is facing sentencing after U.S. District Judge Edgardo Ramos rejected his request for a new trial. Scott was convicted in 2019 of laundering approximately $400 million and profiting $50 million from the pyramid scheme orchestrated by Ruja Ignatova, known as the Crypto Queen and currently on the FBI’s Ten Most Wanted list.
In his defense, Scott claimed he had no knowledge of OneCoin’s fraudulent nature. His lawyer, Arlo Devlin-Brown, plans to appeal the judge’s ruling, arguing that Ignatova’s brother perjured himself during the trial.
Scott’s Lavish Spending with Pyramid Scheme Funds
A Bloomberg report revealed that Scott used his ill-gotten gains to indulge in luxuries such as a yacht, properties in Cape Cod and Massachusetts, high-end cars, and expensive watches.
Sentencing Despite Legal Blunders
Despite acknowledging that Ignatova’s brother may have lied about certain aspects of the case, Judge Ramos denied Scott’s request for a new trial. This decision clears the path for Scott to be sentenced. Last week, another co-founder of OneCoin, Karl Sebastian Greenwood, received a 20-year prison sentence for operating a fraudulent investment scheme.
Hot Take: OneCoin Legal Officer Denied Trial Request
The former chief legal officer of OneCoin, Mark Scott, has been denied a new trial by U.S. District Judge Edgardo Ramos. Scott was found guilty of money laundering in connection with the $4 billion OneCoin fraud. Despite claiming ignorance about the scam, Scott used his illicit proceeds to lead an extravagant lifestyle. While the judge acknowledged potential perjury by a key witness, he refused to grant a new trial, paving the way for Scott’s sentencing. This development further emphasizes the legal repercussions faced by those involved in cryptocurrency fraud schemes, such as OneCoin.
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