A U.S. judge has rejected the request for a new trial by Mark Scott, a lawyer who laundered $400 million from the infamous Onecoin cryptocurrency pyramid scheme. This decision paves the way for the sentencing of the 54-year-old Scott, despite a key prosecution witness, Konstantin Ignatov, admitting to lying during the trial.
Mark Scott was one of the legal professionals involved in facilitating money laundering for the orchestrators of the notorious Onecoin crypto Ponzi scheme. Prosecutors alleged that Scott had earned $50 million for his role in establishing a fraudulent investment fund. This fund was utilized to process funds fraudulently obtained by Ruja Ignatova, also known as “Cryptoqueen,” who remains a fugitive wanted by international law enforcement agencies, including the FBI, Interpol, and Europol. The Onecoin scheme had defrauded investors worldwide, accumulating a staggering $4 billion.
Scott, a former partner at the law firm Locke Lord, was found guilty of his involvement in November 2019. He had used the ill-gotten gains to fund a lavish lifestyle, including the purchase of luxurious homes in Cape Cod, Massachusetts, high-end luxury items, cars, and even a substantial yacht.
On Monday, U.S. District Judge Edgardo Ramos rejected Mark Scott’s plea for a new trial. Judge Ramos expressed his skepticism that “an innocent person may have been convicted,” despite Konstantin Ignatov, one of the co-founders of Onecoin, admitting to lying while testifying as a witness during the trial.
This decision underscores the gravity of Scott’s involvement in the Onecoin money laundering scheme and affirms the legal consequences he must now face. Despite the lies told by a key prosecution witness, the court has upheld the conviction and rejected the request for a retrial.
Mark Scott’s case serves as a stark reminder of the ongoing efforts by law enforcement agencies to bring individuals involved in cryptocurrency-related fraud to justice. It also highlights the severity of the charges and the legal consequences faced by those who enable such fraudulent schemes.
As the legal proceedings continue, Mark Scott’s sentencing will mark a significant development in the pursuit of justice against those who exploit the cryptocurrency space for illicit activities.