Cryptocurrency News

OneCoin lawyer denied appeal despite witness perjury allegations

Mark Scott, the lawyer implicated in the infamous OneCoin cryptocurrency scandal, has been denied his appeal for a new trial. This decision came despite allegations of perjury by a key prosecution witness. Scott was found guilty of money laundering and bank fraud conspiracy in 2019.

Scott was accused of laundering $400 million from the OneCoin fraud and used the money to fund a lavish lifestyle, including a yacht, multiple homes, and three Porsches. His defense hinged on his claim of ignorance, asserting he was unaware that OneCoin was a fraudulent scheme. The prosecution, however, argued that Scott made $50 million setting up a fake investment fund to process money for Ruja Ignatova, the co-founder of OneCoin, who is currently on the FBI’s Ten Most Wanted list.

Despite the revelation that Konstantin Ignatov, a government witness and brother of Ruja Ignatova, lied on the stand, US District Judge Edgardo Ramos ruled against a new trial for Scott. Ramos remained unconvinced that an innocent person may have been convicted.

OneCoin, co-founded by Ruja Ignatova and Karl Sebastian Greenwood, operated as a multilevel marketing network, paying commissions to people worldwide to recruit others to buy OneCoin packages. Ignatova disappeared in 2017 as OneCoin came under scrutiny, and Greenwood was recently sentenced to 20 years in prison for his role in the scam.

Scott’s lawyer, Arlo Devlin-Brown, expressed disappointment at the ruling and confirmed plans to appeal the decision. He cited undisputed evidence that the Government’s sole cooperating witness perjured himself.

The OneCoin scandal is one of the largest fraud schemes in history, defrauding over 3.5 million people globally. The scheme generated €4.037 billion in sales revenue and also earned €2.735 billion in profits. Greenwood lived a life of luxury on his ill-gotten gains, while co-founder Ignatova, nicknamed “Cryptoqueen,” remains on the run. The FBI now lists her among their most wanted with a $100,000 reward for information leading to her arrest. Despite the denial of Scott’s appeal, the repercussions of the OneCoin fraud continue to unfold.


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