Lawyer Mark Scott, who was implicated in the notorious OneCoin cryptocurrency fraud in 2019, has had his request for a new trial rejected.
Bloomberg reported that the court turned down the appeal for a retrial, even though Scott pointed to multiple legal oversights, including alleged false testimony in the initial proceedings.
In 2019, Scott was convicted of conspiring in bank fraud and laundering money. Prosecutors charged that he pocketed $50 million as part of a broader scheme to launder $400 million. This scheme was linked to Ruja “Cryptoqueen” Ignatov, the mastermind behind the OneCoin operation.
Moreover, Scott faced accusations of squandering the fraudulent gains on an opulent lifestyle, which included the acquisition of upscale properties, a lavish yacht, and three Porsches, among other luxuries.
In his plea for a new trial, Scott asserted that witnesses for the prosecution, including one from the government, provided false testimonies during the original proceedings.
One such witness was Konstantin Ignatov, brother of Ruja Ignatov and a government cooperator. Allegations arose suggesting that Ignatov had perjured himself while testifying. However, U.S. District Judge Edgardo Ramos dismissed the motion for a retrial. He articulated that he remained unconvinced that there might have been a wrongful conviction.
Responding to the court’s decision, Scott’s legal representatives expressed their discontent. They were particularly concerned given the new information that had come to light.
In a statement, they mentioned, “We are disappointed that the court did not grant a new trial given the undisputed evidence that the Government’s sole cooperating witness perjured himself.”
OneCoin: A rewind down memory lane
Introduced in 2014, OneCoin was once hailed as a potential contender to Bitcoin, enticing investors with the allure of hefty profits. Its notoriety, however, stems from it being one of history’s largest pyramid schemes.
The scam ensnared over 3.5 million unsuspecting individuals, siphoning off more than $4 billion. What stunned many was the revelation that the coin, which was aggressively marketed to international investors, possessed no intrinsic value whatsoever.
On September 12, Karl Greenwood, a co-founder of OneCoin, received a 20-year prison sentence accompanied by a hefty $300 million fine. He was indicted for earning a 5% commission on OneCoin transactions. Greenwood, who has been in detention since 2018 following his extradition from Thailand, admitted guilt to the allegations leveled against him.
“Cryptoqueen” remains untraceable
Ruja Ignatov, often referred to as the “crypto queen” due to her pivotal role in the OneCoin scam, has evaded authorities since the fallout of the scheme.
She vanished in October 2017 after boarding a flight to Greece and has not been publicly seen since. Her elusive nature has led the FBI to list her among their 10 most-wanted fugitives, offering a substantial $100,000 reward for whistleblowers who can provide leads to her apprehension.
Despite several unconfirmed reports suggesting her possible demise, recent clues hint at her connection to a property in London, sparking new theories about her whereabouts.
While Ruja remains elusive, the net has tightened around many of her associates. Several key figures from the OneCoin conspiracy, including Karl Greenwood, have been detained. Additionally, Irina Dilkinska, the scheme’s former legal head, and Christopher Hamilton, known to be closely associated with the “crypto queen,” have also been apprehended.
