Onecoin: Neil Bush, son of former US President George H.W.Bush was paid $300,000 by “Cryptoqueen” Ruja Ignatova

Because attending a meeting related to OneCoin’s scam cryptocurrency “Cryptoqueen”, the son of former US President George H. W. Bush, was paid $ 300,000 by Ruja Ignatova, according to law360 on November, 15.

Neil Bush

Former Locke Lord lawyer was deceived by Bush’s connection with Onecoin

Mark Scott who accused of colluding with Ignatova and her younger brother, Konstantin Ignatov, to launder money illegally from Onecoin’s famous Ponzi program so the former lawyer of this international company Locke Lord is facing with a trial under US court law. While Ignatova’s brother was arrested earlier this year, she was charged with money laundering and is still hiding.

Scott stated that he had assumed that everything was legal and did not accept the charges against him. Scott’s lawyer, Arlo Devlin-Brown, told US District Judge Edgardo Ramos that Neil Bush had a meeting with Ignatova and this is the reason why Scott was secure with the deal.

“This isn’t just: ‘We saw the name Bush on a transaction and cut a subpoena,” Devlin-Brown said.

Because Neil Bush is a board member at Hoifu Energy, Chinese businessman Hui Chi Ming is the owner of this company, so Neil Bush was contacted by FBI agents to inspect the plan. That company entered into a $ 60 million loan agreement that will be financed in cash.

Bush took his role to prove that the deal was not a scam as the US government declared it, Devlin-Brown said.

Judge Ramos asked Scott adviser David Garvin:

“So, there was an actual meeting with Ms. Ignatova, Mr. Bush and Mr. Hui?”

Garvin asserted that Bush received $ 300,000 for attending the meeting.

Mark Scott was arrested just over a year ago at his beachfront property in Cape Cod, Massachusetts. The FBI accused the 50-year-old of acting as a money launderer for OneCoin, which has taken in an estimated $5bn worldwide, and making many times his salary by moving funds from the scheme.

Neil Bush met with Ignatova and Mr. Hui in Hong-Kong

Following an FBI interview with Neil Bush talked about a meeting taking place in Hong Kong, the headquarters of Hoifu Energy. Investors have benefited from the oil field deal. According to the FBI report:

“Bush recalled that the head of Hoifu Energy, Dr. Hui Chi Ming, received a bunch of cryptocurrency for an oil deal in Madagascar. Bush had a residual interest in the cryptocurrency from the oil deal. Bush met the woman from the cryptocurrency company, Ruja Ignatova, in Hong Kong with Dr. Hui.”

Hui agreed with the former President’s son that he would receive 10% of the deal if Hui could sell the cryptocurrency. However, the deal was unsuccessful, according to Garvin quotes FBI files.

Neil Bush’s adviser, David Gerger, acknowledged that the investor was present at the meeting with Ignatova, but he was not a board member at Hoifu Energy, and he was not related to Scott. Gerger explained:

“He did not exercise that option and did not invest. After he attended one meeting, I think he asked a few more questions, and that was it.”

Gerger declared that Bush’s testimony was true. And finally, the judge agreed that Bush’s testimony did not involve Scott’s defense.

Konstantin Ignatov pleads guilty

In October, Konstantin Ignatov was charged with money laundering, fraud and pleaded guilty, facing a 90-year prison sentence while his plea agreement was signed last month. 

Investigators estimate that OneCoin’s Ponzi program has raised about $ 4 billion and is still operating in Bulgaria to this day.

On March 8, the Department of Justice and the U.S. Attorney’s Office Southern District of New York (SDNY) announced that officials have indicted two of the top leaders of the notorious Onecoin project. The prosecutors charged Onecoin cofounders Konstantin Ignatov and Ruja Ignatova with a slew of charges in connection with defrauding investors. Konstantin Ignatov was also arrested in Los Angeles and appeared before a judge in California.

What is Onecoin

OneCoin is a Ponzi scheme promoted as a cryptocoin with a private blockchain, by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin is considered a Ponzi scheme due to its organisational structure and because of the previous involvement of many of those central to OneCoin in similar schemes.

According to OneCoin, its main business is selling educational material for trading. Members are able to buy educational packages ranging from 100 euros to 118,000 euros, or, according to one industry blog, 225,500 euros. Each package includes “tokens” which can be assigned to “mine” OneCoins. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level (except six and seven), or package, gives new educational material, which is plagiarized from several sources. However, in a typical OneCoin recruiting meeting recruiter mainly talk about investing in cryptocurrency and the educational material is barely mentioned.

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