{"id":59651,"date":"2023-09-19T06:16:35","date_gmt":"2023-09-19T10:16:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59651"},"modified":"2023-09-19T06:16:38","modified_gmt":"2023-09-19T10:16:38","slug":"onecoin-lawyer-loses-appeal-for-new-trial-in-4b-crypto-scam","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/onecoin-lawyer-loses-appeal-for-new-trial-in-4b-crypto-scam\/","title":{"rendered":"OneCoin Lawyer Loses Appeal for New Trial in $4B Crypto Scam"},"content":{"rendered":"\n

Mark Scott, a lawyer who laundered $400 million from the OneCoin<\/a> cryptocurrency fraud, has failed to secure a new trial despite claiming legal errors and false testimony in his original trial. Scott was convicted of bank fraud and money laundering in 2019 for his role in the scam orchestrated by Ruja Ignatova, the fugitive \u201cCryptoqueen.\u201d<\/p>\n\n\n\n

\"OneCoin<\/figure>\n\n\n\n

OneCoin was founded in 2014 by Ruja Ignatova, a Bulgarian-born German citizen who claimed to have created a revolutionary cryptocurrency that would rival Bitcoin. <\/p>\n\n\n\n

Ignatova, who called herself the \u201cCryptoqueen,\u201d<\/em> promoted OneCoin as a lucrative investment opportunity that would deliver a \u201cfinancial revolution\u201d <\/em>to millions worldwide.<\/p>\n\n\n\n

However, OneCoin was nothing but a pyramid scheme that defrauded more than 3.5 million<\/strong> investors of over $4 billion.<\/strong> <\/p>\n\n\n\n

OneCoin had no actual value and no blockchain technology behind it. Instead, it operated as a multi-level marketing network that paid commissions to people who recruited others to buy OneCoin packages.<\/p>\n\n\n\n

Scott, a former partner at Locke Lord LLP, was hired by Ignatova in 2016 to help launder the proceeds of the scam through a series of shell companies and offshore bank accounts. <\/p>\n\n\n\n

Scott earned $50 million<\/strong> for his services and used the money to fund a lavish lifestyle, buying luxury homes, cars, watches, and a yacht.<\/p>\n\n\n\n

Why Scott Was Denied a New Trial?<\/h3>\n\n\n\n

Scott was arrested in 2018 and found guilty of bank fraud conspiracy and money laundering conspiracy in November 2019. He faced up to 50 years in prison for his crimes.<\/p>\n\n\n\n

Scott appealed for a new trial, arguing that there were several legal mistakes and false testimony in his original trial. <\/p>\n\n\n\n

He claimed that some of the prosecution witnesses, including Konstantin Ignatov, the brother of Ruja Ignatova and a former co-operator of OneCoin, had lied on the stand about their involvement in the scam.<\/p>\n\n\n\n

However, US District Judge Edgardo Ramos rejected Scott\u2019s appeal on Monday,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> ruling that he was not convinced that \u201can innocent person may have been convicted\u201d<\/em> despite the lies of some witnesses. <\/p>\n\n\n\n

The judge said that there was sufficient evidence to support Scott\u2019s conviction and that he had failed to show any prejudice or harm from the alleged errors.<\/p>\n\n\n\n

Scott\u2019s lawyer said he was disappointed by the ruling and would appeal to a higher court.<\/p>\n\n\n\n

What Happened to the Other OneCoin Co-Conspirators?<\/h3>\n\n\n\n

While Scott awaits his sentencing, Ruja Ignatova remains at large and on the FBI\u2019s Ten Most Wanted list. She disappeared in October 2017 after boarding a plane in Sofia, Bulgaria, and has not been seen since. <\/p>\n\n\n\n

\n

Ruta Ignatova, the infamous \u201cCryptoqueen,\u201d remains a fugitive after getting on a plane and vanishing six years ago. But her former partner is going to prison https:\/\/t.co\/OF5eK3XhpJ<\/use><\/svg><\/span><\/a><\/p>— CNN (@CNN) September 18, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

She is charged with wire fraud, securities fraud, and money laundering in absentia by US authorities.<\/p>\n\n\n\n

Konstantin Ignatov, who took over OneCoin after his sister\u2019s disappearance, pleaded guilty to fraud and money laundering in 2019 and agreed to cooperate with prosecutors. <\/p>\n\n\n\n

He testified against Scott and other co-conspirators in exchange for leniency.<\/p>\n\n\n\n

Karl Sebastian Greenwood, another co-founder of OneCoin who acted as the main promoter of the scheme, was sentenced to 20 years in prison last week after pleading guilty to fraud and money laundering. <\/p>\n\n\n\n

He was also ordered to forfeit $300 million, <\/strong>the approximate amount he pocketed from the scam.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mark Scott, a lawyer who laundered $400 million from the OneCoin cryptocurrency fraud, has failed to secure a new trial despite claiming legal errors and false testimony in his original trial. Scott was convicted of bank fraud and money laundering in 2019 for his role in the scam orchestrated by Ruja Ignatova, the fugitive \u201cCryptoqueen.\u201d […]<\/p>\n","protected":false},"author":44,"featured_media":59655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1945,16479,11625,16480],"class_list":["post-59651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-scam","tag-mark-scott","tag-onecoin","tag-ruja-ignatova"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Onecoin-799x445-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59651"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59655"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}