The lawsuit against David Pike, Mark Scott’s Ponzi OneCoin money laundering partner, has come to an end

By Selena 12/22/19 10:01 AM

The largest Ponzi project in the cryptocurrency market has now come to an end. The New York Southern District Court has allowed the case to continue against David Pike, CEO of private equity fund Fenero Funds, on charges of money laundering for Ponzi OneCoin.

New York Court proceeds against David Pike allegedly connected with Ponzi Onecoin

According to information from the financial news website FinanceFeed, the Pike lawsuit was approved until January 12, 2020, based on court documents submitted on December 20. As an executive of an alleged private equity fund known as the Fenero Funds, Pike has participated in money laundering from the Ponzi OneCoin model. Pike is accused of making false statements about money to agents from the FBI, the IRS Criminal Investigation Division, and the United States Attorney’s Office for the Southern District of New York representatives.

Assistant United States Attorney Nicholas Folly announces the following:

“The parties’ counsels are discussing a potential pre-indictment disposition. The extension has been registered as appropriate, given that those discussions are still taking place.”

Pike appealed and said he knew nothing about the $ 400 mln amount transferred to the Fenero Funds or the OneCoin founder, Ruja Ignatova.

However, Pike’s testimony was rejected. Moreover, OneCoin’s official website finally shut down just a few months after the US authorities prosecuted one of their founders for running the $ 4 billion Ponzi scheme. As such, perhaps the largest Ponzi cryptocurrency market is gradually coming to an end.

Former Partner of Locke Lord LLP convicted to commit money laundering in connection with OneCoin

After a court session three weeks ago, Mark S. Scott, a former equity partner at the law firm Locke Lord LLP, was sentenced to money laundering of about $ 400 mln – the proceeds from Ponzi OneCoin. Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Cyrus R. Vance Jr., the District Attorney for New York County, accused Scott of laundering money through fraudulent hedge funds that he established and operated for that purpose. Scott was paid over $ 50 million for his money-laundering services. He used the money to buy a luxury car, a yacht, and some beach houses.

We appreciate @ManhattanDA paying credit to @CityPolice for assisting in their investigation relating to #OneCoin.

We’re pleased our help, along with a number of law enforcement agencies, has resulted in a positive result.

Read about the case, here: https://t.co/AF27UqMPfI pic.twitter.com/dKNKpTSCxD

— City of London Police Fraud (@CityPoliceFraud) December 11, 2019

Manhattan U.S. Attorney Geoffrey S. Berman said:

“Mark S. Scott, an equity partner at a prominent international law firm, used his specialized knowledge as an experienced corporate lawyer to set up fake investment funds, which he used to launder hundreds of millions of dollars of fraud proceeds. He lined his pockets with over $ 50 million of the money stolen from victims of the OneCoin scheme. Scott, who boasted of earning ‘50 by 50’, now faces 50 years in prison for his crimes.”

Mark S. Scott, a former equity partner at the law firm Locke Lord LLP, allegedly for helping Ruja Ignatova money laundering $ 400 million

Scott joined Locke Lord LLP, a well-known international law firm, as an equity partner from June 2015 to September 2016. Starting in 2016, Scott set up a series of equity funds. Pseudo-private in the British Virgin Islands, known as Fenero Fund. Later, Scott deposited $ 400 million in the Fenero Fund in the form of investments from wealthy families in Europe. However, this is just money laundering activity for OneCoin.

On September 5, 2018, Scott was arrested while enjoying his happy life at one of his seaside homes in Barnstable, Massachusetts.