A legal practitioner found culpable of laundering a staggering $400 million from the OneCoin scam faces the disappointment of being denied a fresh trial. This despite fervent arguments contending legal oversights and the presence of false testimony during the original 2019 trial.
The attorney responsible for the colossal laundering of $400 million linked to the OneCoin fraud has had his plea for a new trial summarily dismissed. This decision follows revelations of perjury committed by a key prosecution witness during the 2019 trial.
Recent reports from Bloomberg, dated September 18, unveil the plight of Mark Scott, a 54-year-old lawyer. Scott ardently contends that he remained oblivious to the fraudulent nature of OneCoin at the time. Consequently, he insists that he should not bear the burden of responsibility for establishing the fund implicated in laundering money for OneCoin’s enigmatic founder, Ruja “Cryptoqueen” Ignatov.
Scott’s conviction, handed down in November 2019, found him guilty of both money laundering and conspiring in bank fraud. Prosecutors laid bare how Scott had amassed an astonishing $50 million via a fraudulent fund responsible for processing ill-gotten gains from the OneCoin scheme.
Ever since the original trial, Scott’s legal team has relentlessly pursued the prospect of a fresh trial. Their primary ammunition is a damning revelation: false testimony provided by a government witness during the initial trial. However, during a hearing held on September 18, United States District Judge Edgardo Ramos firmly rejected their plea. He remained unpersuaded that an innocent person might have been wrongfully convicted, despite the blatant perjury committed by Konstantin Ignatov, a government witness.
Notably, Ignatov had confessed to his role in aiding his sister Ruja in orchestrating the OneCoin fraud. Lawyers representing Scott have vowed to appeal this decision, contending that their client is deeply disillusioned by the court’s failure to grant a new trial, given the irrefutable evidence of perjury by the Government’s sole cooperating witness.
In a related development, OneCoin, initially launched in 2014, masqueraded as a cryptocurrency akin to Bitcoin in structure. However, subsequent revelations unveiled its true nature as a pyramid scheme, luring unsuspecting victims with fictitious promises of exorbitant future earnings.
The prosecution’s case against Scott revealed that he had utilized the $50 million proceeds from OneCoin to fund a lavish lifestyle. This included the acquisition of opulent assets such as multimillion-dollar residences, luxury watches, high-end sports cars, and even a sprawling 17-meter yacht.
On September 12, Judge Ramos delivered a 20-year prison sentence to Karl Greenwood, co-founder of OneCoin, following his conviction on a litany of charges, including fraud and money laundering, in the United States.
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