OneCoin Money Laundering Lawyer Denied New Trial

<p>Mark Scott,
the lawyer convicted of laundering $400 million from the infamous OneCoin
fraud, has been denied a motion for a new trial despite revelations of false
testimony during his 2019 trial. United States District Judge Edgardo Ramos
made the decision during a hearing held on September 18.</p><p>Scott's
Claim of Unawareness in OneCoin Fraud</p><p>Scott,
aged 54, had argued that he was unaware of OneCoin's fraudulent nature when he
played a pivotal role in setting up a fund that facilitated money laundering
for OneCoin's Founder, Ruja 'Cryptoqueen' Ignatova. </p><p>In
November 2019, he was found guilty of money laundering and bank fraud
conspiracy, ultimately amassing $50 million through a fraudulent fund
responsible for processing payments and transactions linked to the OneCoin
scheme.</p><p>Throughout
his legal battle, Scott's defense team had been pushing for a new trial, citing
false testimony provided by a government witness, Konstantin Ignatov, during
the initial trial. Ignatov, who admitted to assisting his sister Igantova in the
OneCoin fraud, had played a significant role in the proceedings.</p><p>However,
Judge Ramos, while acknowledging the false testimony, remained unconvinced that
"an innocent person may have been convicted" and rejected Scott's
request for a new trial during the September 18 hearing.</p><p>OneCoin's
Deceptive Beginnings as a Cryptocurrency</p><p>In
response to the decision, Scott's legal team has expressed their intention to
appeal, highlighting their client's disappointment that the court did not grant
a new trial, considering the "undisputed evidence that the Government’s
sole cooperating witness perjured himself."</p><p><a href="https://www.financemagnates.com/tag/onecoin/">OneCoin</a>,
launched in 2014, initially presented itself as a cryptocurrency similar in
structure to Bitcoin. However, it was later exposed as a pyramid scheme that
lured in unsuspecting investors with fictitious claims and the promise of high
future earnings.</p><p>Prosecutors
alleged that Mark Scott used his ill-gotten gains from OneCoin to fund an
extravagant lifestyle, including the acquisition of luxury homes, designer watches, sports cars, and even a 17-meter yacht.</p><p>In
a related development, on September 12, Judge Ramos sentenced OneCoin's
Co-Founder, Karl Greenwood, to 20 years in prison in the United States.
Greenwood had been found guilty of multiple charges, including fraud and money
laundering.</p><p>Meanwhile,
Ruja Ignatova, the mastermind behind the OneCoin scheme, remains elusive and <a href="https://www.financemagnates.com/cryptocurrency/document-says-onecoin-founder-ruja-ignatova-killed-in-2018-in-greece/" target="_blank" rel="follow">has not been seen since October
2017</a>. She is
currently featured on the Federal Bureau of Investigation's Ten Most Wanted
List.</p><p>This
latest development underscores the ongoing legal outcomes surrounding the
notorious OneCoin scam and the effort to bring its executors to justice.</p><p>OneCoin
Lawyer Mark Scott Disbarred in New York State</p><p><a href="https://www.financemagnates.com">Finance Magnates</a> reported earlier that Scott,
renowned for defending the infamous OneCoin 'CryptoQueen' scammer, has been <a href="https://www.financemagnates.com/cryptocurrency/news/onecoin-lawyer-mark-scott-banned-from-practicing-law-in-new-york-state/">officially disbarred in the
state of New York</a>.
The disbarment comes following Scott's conviction on two federal felonies
related to the OneCoin case, including conspiracy to commit money laundering
and conspiracy to commit bank fraud.</p><p>Scott
was found to have laundered a staggering $400 million for OneCoin Founder Ignatova. He used his ill-gotten gains to acquire luxury cars, a boat, and
multiple beachside homes. </p><p>A
panel of five judges issued the ban, commanding Scott to cease all forms of
legal practice in New York. This prohibition extends to acting as an attorney
or counselor-at-law before any court or public authority and providing any legal
opinion.</p><p>Scott's
legal career is under scrutiny elsewhere in the United States, with reports
indicating that the Supreme Court of Florida has suspended his right to
practice law.</p>

This article was written by Tareq Sikder at www.financemagnates.com.