Federal prosecutors have responded with a motion to dismiss Mark Scott’s appeal on OneCoin

Mark Scott’s efforts to eliminate the OneCoin fraud allegations have been answered. However, this response was not very positive!

Prosecutors have responded with a motion to dismiss Scott’s appeal on OneCoin

Scott, a former Locke Lord attorney with extensive experience in finance, began working with OneCoin in 2016. He made $ 50 million by laundering OneCoin profits through foreign banks. Last year, a jury found Scott guilty of $ 400 million in money laundering for cryptocurrency scams, all while keeping millions of dollars for himself.

He used the money to fund a lavish lifestyle that he frequently documented on social media. During his trial, he asserted that he did not realize it was a scam, and that he was an innocent player in the criminal operation. The jury disagreed, convicting him on several counts of fraud last November.

federal-prosecutors-have-responded-with-a-motion-to-dismiss-mark-scotts-appeal-on-onecoin

U.S. resident and former Locke Lord LLP attorney Mark S. Scott is fighting charges against him that claim he helped Onecoin associates launder $400 million in the British Virgin Islands

Faced with fifty years in prison, Scott appealed himself. However, prosecutors dismissed his appeal. They state that the evidence against Scott was “overwhelming,” leaving no doubt as to his guilt. In addition to a lengthy jail term, Scott also faces disbarment.

The statement from the prosecutors stated:

“In sum, the Court’s instructions on the jury’s consideration of materially fraudulent omissions were written correct and well supported by Second Circuit law. Accordingly, there is no basis for granting the defendant a new trial on this ground.”

US authorities also arrested not only Scott but Sebastian Greenwood and Konstantin Ignatov. Ignatov reached an agreement and testified against Scott at the trial. The instigator of the operation, Ruja Ignatova, disappeared in 2017 and is believed to be hiding in Europe. I wonder if Coronavirus will come to Ruja or not …

Cryptocurrency scams also destabilize the markets

Although the majority of cryptocurrency use is legal. But not all projects or Blockchain companies use cryptocurrency for functional purposes. And it certainly is not OneCoin. Therefore, crypto advocates have to face an uphill battle in convincing the masses of the benefits of this enormous technology. Anti-crypto politicians also use these operations as evidence to argue against its embrace by governments and regulators.

Crypto scams also destabilize the market, as hackers have been known to quickly dump massive amounts of their stolen money, thus causing prices to collapse. The operators behind PlusToken are the most famous ones in this case.

Fortunately, the authorities are becoming more trained in combating this new type of cybercrime. Exchange is also becoming more cooperative. They often cooperate in preventing stolen money transactions, and actively work to prevent fraud. However, cryptocurrency fraud continues to be a profitable business, and much higher efforts from law enforcement and the cryptocurrency community are needed to avoid it.

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