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OneCoin Money Laundering Lawyer Mark Scott Denied New Trial Despite Witness Perjury Allegations

Picture Source: BeInCrypto

Mark Scott, the lawyer at the center of the infamous OneCoin cryptocurrency scandal, has been denied his appeal for a new trial, despite allegations of perjury by a key prosecution witness. Scott was convicted in 2019 of money laundering and bank fraud conspiracy in connection with the OneCoin fraud scheme, which is considered one of the largest cryptocurrency scams in history. This article delves into the details of the case, including Scott’s conviction, the perjury allegations, and the broader implications of the OneCoin scandal.

Scott’s Conviction and Allegations

Mark Scott was accused of laundering $400 million from the OneCoin fraud and using the ill-gotten gains to fund a lavish lifestyle that included luxury assets such as a yacht, multiple homes, and three Porsches. During his trial, Scott claimed ignorance, asserting that he was unaware that OneCoin was a fraudulent scheme. In contrast, the prosecution argued that Scott had knowingly made $50 million by setting up a fake investment fund to process money for Ruja Ignatova, the co-founder of OneCoin, who is currently on the FBI’s Ten Most Wanted list.

Despite revelations that Konstantin Ignatov, a government witness and brother of Ruja Ignatova, had lied on the witness stand, US District Judge Edgardo Ramos ruled against granting Scott a new trial. Judge Ramos remained unconvinced that “an innocent person may have been convicted,” leading to the denial of Scott’s appeal.

OneCoin Scandal: A Stain on Crypto

The OneCoin scandal stands out as one of the largest fraud schemes in history, defrauding over 3.5 million people globally. The scheme generated €4.037 billion in sales revenue and amassed €2.735 billion in profits. Karl Sebastian Greenwood, another key figure in the scheme, was recently sentenced to 20 years in prison for his role in the scam.

The co-founder of OneCoin, Ruja Ignatova, known as the “Cryptoqueen,” remains at large. Despite rumors of her demise, recent developments have linked her to a property in London. The FBI has listed her among their most wanted individuals, offering a $100,000 reward for information leading to her arrest.

Read More: SEC Pursues Affinity Fraud Case Targeting Tongan Community with Ponzi Scheme

Conclusion

The denial of Mark Scott’s appeal in the OneCoin case underscores the gravity of the charges against him and the enduring consequences of the OneCoin fraud. Despite allegations of witness perjury, the legal system has upheld his conviction. The OneCoin scandal continues to be a stain on the cryptocurrency industry, serving as a stark reminder of the risks associated with fraudulent schemes and the importance of regulatory oversight in the crypto space. As the hunt for Ruja Ignatova continues and the legal fallout from the OneCoin scheme persists, the cryptocurrency community remains vigilant in its efforts to protect investors and maintain the integrity of the industry.

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