In a recent turn of events, Mark Scott, the lawyer responsible for laundering $400 million from the infamous OneCoin fraud, has been denied his motion seeking a new trial. This comes despite the acknowledgment that a government witness had perjured themselves during the original trial in 2019. According to Bloomberg’s report on September 18, Scott argued that he was unaware of OneCoin’s fraudulent nature at the time, and therefore, should not be held accountable for his role in setting up the fund that facilitated the money laundering for OneCoin’s founder, Ruja “Cryptoqueen” Ignatov.
The Guilty Verdict and Seeking a New Trial
Back in November 2019, Scott was found guilty of money laundering and bank fraud conspiracy. Prosecutors established that he had earned a staggering $50 million through a fraudulent fund that processed payments and transactions linked to the OneCoin scheme. Since then, Scott’s legal team has been actively seeking a new trial, pointing to the false testimony given by a government witness during the original proceedings.
The Court’s Decision
Unfortunately for Scott, United States District Judge Edgardo Ramos denied the motion for a new trial during the September 18 hearing. Judge Ramos expressed his skepticism, stating that he was not convinced that an innocent person had been wrongly convicted, despite the false testimony delivered by Konstantin Ignatov during the 2019 trial. Ignatov, who had aided his sister Ruja in perpetrating the OneCoin fraud, admitted to his role as a government witness. Scott’s lawyers expressed their disappointment with the court’s decision and stated their intention to appeal, emphasizing the undisputed evidence of the witness’s perjury.
OneCoin, which was launched in 2014, initially presented itself as a cryptocurrency similar to Bitcoin. However, it was later revealed to be an elaborate pyramid scheme that enticed new users with fictitious claims and the promise of substantial future earnings. Prosecutors argued that Scott utilized the $50 million he acquired through OneCoin to finance a lavish lifestyle, including purchasing luxurious goods such as multimillion-dollar homes, watches, sports cars, and even a 17-meter yacht.
On September 12, Judge Ramos sentenced Karl Greenwood, the co-founder of OneCoin, to 20 years in prison in the United States. Greenwood, found guilty of various charges, including fraud and money laundering, became the latest individual to face the consequences of their involvement in the OneCoin fraud. Meanwhile, Ruja Ignatov, the mastermind behind the scheme, has been on the run since October 2017 and currently resides on the Federal Bureau of Investigation’s Ten Most Wanted List.
Despite the denial of a new trial, the OneCoin fraud case continues to expose the deceptive tactics employed by those involved. Mark Scott’s journey from a lawyer involved in money laundering to a convicted criminal serves as a stark reminder of the consequences that await those who choose to engage in fraudulent activities. As the saga unfolds, it brings to light the importance of a transparent and regulated cryptocurrency landscape, where investors can confidently participate without fear of falling victim to such scams.