In a recent development, the lawyer responsible for laundering $400 million from the infamous OneCoin scam has been denied a motion for a new trial. Despite raising concerns about legal errors and false testimony in his 2019 trial, Mark Scott’s request has been denied.

Scott’s Claim of Innocence, Guilty Verdict and Illicit Earnings

Mark Scott, a 54-year-old lawyer, argued that he was unaware of OneCoin’s fraudulent nature when he played a role in setting up the fund that laundered money for OneCoin founder Ruja “Cryptoqueen” Ignatov. This was according to a report by Bloomberg.

In November 2019, Scott was found guilty of money laundering and bank fraud conspiracy. Prosecutors revealed that Scott had earned a substantial $50 million through a fraudulent fund. This was what facilitated payments and transactions connected to the OneCoin scheme.

Scott’s legal team had been pursuing a new trial, pointing to false testimony provided by a government witness during the original trial. The witness, Konstantin Ignatov, admitted to assisting his sister, Ruja, in the OneCoin fraud.

Judge’s Decision and Appeal Plans

Despite the allegations of false testimony, United States District Judge Edgardo Ramos denied the request for a new trial. This was in a hearing on September 18. He expressed skepticism about the possibility of an innocent conviction, even in light of the false testimony.

Scott’s lawyers have indicated their intention to appeal the decision.

They asserted that their client is

“disappointed that the court did not grant a new trial given the undisputed evidence that the Government’s sole cooperating witness perjured himself.”

OneCoin’s Deceptive Beginnings

OneCoin, initially launched in 2014, positioned itself as a cryptocurrency similar to Bitcoin. However, it was eventually exposed as a pyramid scheme that enticed new users with false claims and promises of lucrative future returns.

Prosecutors alleged that Scott used the $50 million obtained from OneCoin to finance a lavish lifestyle. He indulged in luxury purchases such as multimillion-dollar homes, high-end watches, sports cars, and even a 17-meter yacht.

Co-Founder’s Sentencing

In a related case, on September 12, Karl Greenwood, co-founder of OneCoin, received a 20-year prison sentence in the United States. Greenwood was convicted on multiple charges, including fraud and money laundering.

Ruja Ignatov, the mastermind behind OneCoin, has remained elusive since October 2017. Also, he currently holds a spot on the Federal Bureau of Investigation’s Ten Most Wanted List.

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