- Trial of US lawyer involved with the $4 billion dollar scam, OneCoin, has begun in New York courts.
Remember the OneCoin scam? The multi-level marketing cryptocurrency that scammed investors close to $4 billion USD before shutting down in 2018? A lawyer caught in the middle of laundering over $400 million USD has been arraigned in court charged with two counts –conspiracy to commit money laundering and another to commit bank fraud.
New York Court Starts Trial; Scott Pleads not Guilty
According to a published post on BBC, Mark Scott is accused of laundering close to $400 million USD collected from investors in the OneCoin crypto scam. The courts claim Scott tried to launder money through the bank in Ireland, buying lavish assets such as a yacht, three posh homes, and a Ferrari.
In a testimony to the FBI, Mark claimed innocence from the scam stating he asked a colleague whether OneCoin was a scam and was assured that there was nothing wrong going on. However, the courts are looking into the matter to prove whether Scott was aware of the scam or not. The statement from the courts read,
“The central issue at trial will be whether or not Mr. Scott knew OneCoin was operating a criminal scheme.”
OneCoin Scammers Getting Nabbed
As one of the largest scams in the crypto space, taking off with close to $5 billion of investors’ money, the authorities were bound to catch up with the culprits. In June this year, a court ruling denied the bail application from OneCoin owner, Konstantin Ignatov, for the role played in enhancing the scam. Notwithstanding, authorities arrested over 90 people who promoted the scam through their social profiles in July.
However, closing the file on OneCoin is taking hits from all corners as witnesses from the bank changed their stance on testifying before court. Despite the efforts made by FBI to get the employees at Bank of Ireland talking, four witnesses (all working as executives at the bank) refused to testify in early October.
Furthermore, according to one whistleblower on the scam, OneCoin supporters ganged up on her/him on social media sending vile threats and death threats to their accounts.
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