Mark Scott, the lawyer responsible for laundering $400 million from the OneCoin fraud, has been denied a motion seeking a new trial. This decision comes despite a prosecution witness admitting to perjury during the 2019 trial against Scott. The case against Scott revolves around his alleged role in setting up a fund that laundered money for OneCoin founder Ruja “Cryptoqueen” Ignatov.
In November 2019, Scott was found guilty of money laundering and bank fraud conspiracy. Prosecutors claimed that Scott earned a total of $50 million through a fraudulent fund that processed payments and transactions siphoned from the OneCoin scheme. Since his conviction, Scott and his legal team have been seeking a new trial, citing the false testimony from a government witness during the original trial.
However, during a hearing on September 18, United States District Judge Edgardo Ramos denied the request for a new trial. Judge Ramos was unconvinced that “an innocent person may have been convicted” despite the false testimony given by Konstantin Ignatov, a government witness who admitted to aiding his sister, Ruja Ignatov, in the OneCoin fraud.
Scott’s lawyers have stated that they will appeal the decision, expressing disappointment that the court did not grant a new trial based on the undisputed evidence of the witness’s perjury.
OneCoin, which was launched in 2014, positioned itself as a cryptocurrency similar to Bitcoin. However, it was later exposed as a pyramid scheme that operated by luring in new users with false promises of high future earnings. Scott is accused of using the $50 million in proceeds from OneCoin to finance a lavish lifestyle, including buying luxurious homes, watches, sports cars, and even a yacht.
In a related case, on September 12, Karl Greenwood, co-founder of OneCoin, was sentenced to 20 years in prison in the United States. Greenwood was found guilty of multiple charges, including fraud and money laundering.
Ruja Ignatov, the mastermind behind OneCoin, has not been seen since October 2017 and is currently on the Federal Bureau of Investigation’s Ten Most Wanted List. The scheme, which reportedly generated a profit of $4 billion, has left thousands of investors defrauded and searching for answers.
This case represents a significant milestone in the fight against cryptocurrency fraud and highlights the need for robust regulation and enforcement in the industry. It serves as a reminder that investors must exercise caution and conduct thorough due diligence before investing in any cryptocurrency or digital asset.
The denial of Scott’s motion for a new trial raises questions about the justice system’s ability to address complex financial crimes involving cryptocurrencies. It also underscores the importance of ensuring that witnesses provide truthful testimony and that defendants have a fair and just trial.
As the crypto industry continues to evolve, it is crucial for regulators, law enforcement agencies, and legal professionals to stay vigilant in identifying and prosecuting fraudulent schemes. This case serves as a warning to individuals who seek to exploit the emerging technology of cryptocurrencies for personal gain.
In conclusion, Mark Scott, the lawyer involved in the OneCoin fraud, has been denied a new trial despite a prosecution witness admitting to perjury. This development adds to the ongoing legal saga surrounding OneCoin and highlights the need for continued efforts to combat cryptocurrency fraud. The case serves as a reminder of the importance of regulation, due diligence, and fair legal processes in the cryptocurrency industry.