The lawyer who allegedly laundered among the proceeds from the multi-billion greenback OneCoin cryptocurrency rip-off is at present standing trial in New York.
Mark Scott is accused of siphoning some $300 million from the US utilizing company accounts on the Financial institution of Eire, whose workers have been requested to testify against him in September.
Scott allegedly created a number of offshore funding autos, known as the “Fenero Funds,” which have been then reportedly used to launder the proceeds from the rip-off.
Moreover, prosecutors declare he spent among the proceeds on a number of luxurious objects, together with a yacht, three properties, and a Ferrari.
A former companion at main legislation agency Locke Lord, Scott was arrested somewhat over a yr in the past at his beachfront property in Cape Cod, Massachusetts. Scott previously denied figuring out that OneCoin’s actions have been doubtlessly illegal.
For context, OneCoin was operated by brother and sister duo from Bulgaria, Konstantin Ignatov and Ruja Ignatova. The pair flogged the coin at glamorous occasions, promising attendees that they have been launching a cryptocurrency like different — besides it was all fake.
OneCoin is likely one of the greatest scams in cryptocurrency‘s comparatively short-lived historical past. It’s not but recognized how a lot was stolen as a end result, however estimates counsel it’s at least $3 billion.
Printed November 5, 2019 — 13:02 UTC