Mark Scott, the attorney involved in the famed OneCoin money laundering affair, has been rejected his request for a fresh trial in a dramatic court struggle. This bizarre legal story centers on Scott’s alleged involvement in the OneCoin fraud, a scheme that rocked the cryptocurrency industry, and involved the theft of an astounding $400 million.
It’s critical to review the OneCoin scandal’s beginnings in order to establish the scene. OneCoin was introduced in 2014 and at first claimed to be a real cryptocurrency by emulating Bitcoin’s design. Underneath this façade, however, was a complex pyramid scheme that lured naïve victims in with false promises of exorbitant future rewards.
Ruja Ignatov, the inventor of OneCoin and the so-called “Cryptoqueen,” planned this complex fraud. Its strategy comprised drawing people in with the prospect of substantial earnings while running a fraudulent enterprise.
In 2014, a woman named Ruja Ignatova launched a fake cryptocurrency named "OneCoin". Despite the currency never existing, Ruja convinced people all over the world to invest. In 2017, after raking in $4 billion profit, she boarded a plane to Greece and hasn't been seen since. pic.twitter.com/DoJCfmy0Uj
— Informative & Interesting (@infotale_in) March 15, 2023
Mark Scott’s Legal Battle
At the heart of this convoluted narrative is Mark Scott, the lawyer who played a pivotal role in facilitating the laundering of $400 million from the OneCoin fraud. Scott’s defense argued that he was unaware of OneCoin’s fraudulent nature when he became involved. They contended that he should not face charges for his involvement in setting up the fund responsible for laundering money for Ignatov.
Related: Israeli Cops Take Down Crypto Scam Run by Major Crime Syndicates
In November 2019, Scott was convicted of money laundering and bank fraud conspiracy. Prosecutors alleged that he had personally profited to the tune of $50 million through a fraudulent fund that processed payments and transactions siphoned from the OneCoin scheme.
The plot thickened when allegations of perjury surfaced, casting doubt on the integrity of Scott’s trial. During the 2019 trial, a key government witness, Konstantin Ignatov, admitted to assisting his sister, Ruja Ignatov, in perpetrating the OneCoin fraud. This witness, critical to the prosecution’s case, delivered testimony that subsequently came under scrutiny.
As the #OneCoin turns: now money launderer Mark Scott's motion denied. How many years?
— Inner City Press (@innercitypress) September 18, 2023
Docketed today: "ORDER as to Mark S. Scott's motions for a new trial pursuant to Federal Rules of Criminal Procedure 29 and 33. the motions are DENIED." https://t.co/CpstHJAkrr
The Denial and the Ongoing Legal Battle
Scott’s legal team seized upon this revelation and sought a new trial. They contended that the false testimony presented during the original trial warranted a fresh legal examination of Scott’s case. Their argument centered on the belief that an innocent person may have been wrongly convicted due to the perjury committed during the trial.
In a dramatic legal ruling, United States District Judge Edgardo Ramos denied Scott’s request for a new trial on September 18. Despite the allegations of perjury, Judge Ramos was unconvinced that an innocent person had been wrongfully convicted. The decision left Scott and his legal team disheartened.
Undeterred by this setback, Scott’s lawyers have vowed to appeal the decision, emphasizing their disappointment that the court did not grant a new trial in light of the “undisputed evidence that the Government’s sole cooperating witness perjured himself.”
As the legal saga surrounding the OneCoin scandal continues, it serves as a stark reminder of the far-reaching consequences of fraudulent schemes in the cryptocurrency world. The pursuit of justice in this complex case remains ongoing, with Scott’s fate hanging in the balance.
Related: Bitfinex Hacker Admits to Laundering $4.5 Billion in Bitcoin