In a surprising turn of events, lawyer Mark Scott, responsible for laundering $400 million from the OneCoin fraud, has been denied a motion seeking a new trial. This decision comes despite the revelation that a prosecution witness perjured themselves during the original trial in 2019.
54-year-old lawyer Mark Scott argued that he had no knowledge of OneCoin being a fraudulent operation at the time. He believed that he should not be charged for his role in setting up the fund that laundered money for OneCoin founder Ruja “Cryptoqueen” Ignatov. However, despite his claims, Scott was found guilty of money laundering and bank fraud conspiracy in November 2019. Prosecutors uncovered evidence that Scott earned a total of $50 million through a fraudulent fund processing payments and transactions from the OneCoin scheme.
During the trial, a government witness named Konstantin Ignatov, who admitted to aiding his sister Ruja in the OneCoin fraud, delivered false testimony. Despite this revelation, United States District Judge Edgardo Ramos denied Scott’s request for a new trial. The judge expressed skepticism about the possibility of an innocent person being convicted solely based on the false testimony. This decision has left Scott’s legal team disappointed, and they have announced their intention to appeal the ruling.
The OneCoin Scheme
OneCoin, launched in 2014, initially presented itself as a legitimate cryptocurrency similar to Bitcoin. However, it was eventually exposed as a pyramid scheme that relied on attracting new users with deceptive claims and promises of high future earnings. The prosecution argued that Scott used the $50 million derived from OneCoin to finance a lavish lifestyle, indulging in luxury purchases such as multimillion-dollar homes, watches, sports cars, and even a 17-meter yacht.
In a separate development related to the OneCoin case, co-founder Karl Greenwood was recently sentenced to 20 years in prison. Greenwood faced multiple charges including fraud and money laundering, marking another significant win for the prosecution. Interestingly, Ruja Ignatov, the mastermind behind the entire OneCoin fraud, has been on the run since October 2017. She is currently featured on the Federal Bureau of Investigation’s Ten Most Wanted List.
The denial of a new trial for Mark Scott, the lawyer implicated in laundering $400 million from the OneCoin fraud, has raised questions about the fairness of the original trial. Despite the revelation of false testimony from a government witness, the judge was unconvinced of Scott’s innocence. The case serves as a stark reminder of the prevalence of fraudulent schemes within the cryptocurrency industry and the importance of rigorous legal enforcement to protect innocent investors. As Scott’s legal team prepares for an appeal, the outcome will be closely watched by those seeking justice and accountability in the world of cryptocurrency.