Lawyer Involved in $400M OneCoin Scam Money Laundering Case Denied Request for New Trial

In a recent development, the lawyer responsible for laundering $400 million from the OneCoin scam has been denied a request for a new trial, despite his claims of legal errors and false testimony during the original 2019 trial.

Mark Scott, the 54-year-old attorney involved in laundering the OneCoin scam proceeds, argued that he was unaware of OneCoin’s fraudulent nature when he established the fund used for money laundering on behalf of OneCoin’s founder, Ruja “Cryptoqueen” Ignatov. Back in November 2019, Scott was convicted of money laundering and bank fraud conspiracy, with prosecutors revealing that he had earned $50 million through the fraudulent fund that facilitated payments and transactions from the OneCoin scheme.

Since then, Scott’s legal team has been seeking a new trial, citing false testimony provided by a government witness during the initial trial. However, during a hearing on September 18th, United States District Judge Edgardo Ramos rejected their request, expressing skepticism about the possibility of an innocent person being wrongly convicted, even in light of the false testimony delivered by Konstantin Ignatov, a government witness who had assisted his sister Ruja in the OneCoin fraud.

Scott’s lawyers have stated their intention to appeal the decision, asserting their disappointment that the court did not grant a new trial, considering the clear evidence that the government’s key cooperating witness had perjured himself.

OneCoin, which was launched in 2014 and initially marketed as a cryptocurrency akin to Bitcoin, was later exposed as a pyramid scheme that lured in unsuspecting investors with false promises and fictitious claims of substantial future returns.

The prosecution contended that Scott used the $50 million obtained from OneCoin to finance an extravagant lifestyle, which included the purchase of luxury items such as multimillion-dollar homes, watches, sports cars, and a 17-meter yacht.

Notably, on September 12th, Karl Greenwood, OneCoin’s co-founder, was sentenced to 20 years in prison in the United States after being found guilty of various charges, including fraud and money laundering. Meanwhile, Ruja Ignatov, the mastermind behind OneCoin, remains elusive since October 2017 and is currently on the Federal Bureau of Investigation’s Ten Most Wanted List.

Read Also: Hong Kong Authorities Arrest Prominent Crypto Influencer Linked to JPEX

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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