Attorney Mark S. Scott charged with money laundering for the OneCoin Ponzi is appealing

By Selena 02/5/20 6:14 PM

Mark S. Scott, a former equity partner at the law firm Locke Lord LLP, was charged with two money laundering offenses totaling $ 400 million for OneCoin Ponzi. Now, one of the biggest culprits in the cryptocurrency market is trying to appeal allegations against him.

Mark S. Scott, Former Locke Lord LLP partner

OneCoin Aide claims not enough evidence

In November 2019, Mark S. Scott was convicted by a grand jury on two counts of money laundering (wire fraud and bank fraud) against OneCoin for a total value of $ 400 million.

The latest trial was only three weeks ago and ended quickly after convincing evidence of an email between Scott and founder Ruja Ignatova. In it, the Crypto Queen asked Scott to “park” money for her for a fee – while promising her anonymity.

However, Scott recently appealed to the New York district court that they should ignore the charges against him because they did not have enough evidence to prove Scott guilty. However, this appeal was not successful, and Scott said that the court should bring the case to the federal government to decide.

The OneCoin Ponzi lawsuit is probably still ongoing

In a memo attached to his request for forgiveness, Scott stated that his prosecutors had failed to fulfill their duties. Scott did not participate in money laundering for Ignatova but was investigating false allegations about Ignatova’s fund by a co-conspirator.

The document stated:

“The evidence given through these witnesses and others – mostly innate and rumored – is not sufficient to support a judgment of either court, so the court must give issue acquittal sentences on both counts.”

Scott was arrested in 2018 for helping Ignatova launder money from OneCoin investors by creating organizations called Fenero funds.

These institutions later transferred the capital from Bulgaria-based OneCoin and returned to the treasury of Ignatova and her associates. For his part, Scott is accused of commanding a $ 50 million fee alone.

At the time, the jury rejected Scott’s pleas that he didn’t know that OneCoin was a scam and that he only acted in the best interests of the customers. For her part, the elusive Ignatova has not been heard since October 2017 when she fled her native Bulgaria.