Skip to content

OneCoin founder’s lawyer has been expelled

November 1, 2020

In a move last Friday that could help bring peace to abandoned investors, A five-judge panel from New York has officially ruled out Mark S. Scott, former attorney for Locke Lord LLP and attorney for notorious fraudster Ruja “Cryptoqueen” Ignatova, after he was charged in November 2019 for the multimillion dollar fraud was convicted turned out to be OneCoin.

Scott, convicted of conspiracy to commit money laundering and bank fraud, Appealed Disqualification on the grounds that a post-trial motion seeking acquittal or retrial is pending.

The judges of the Third Judiciary Committee rejected these arguments on the grounds that “If the defendant’s motion is successful after trial or on a possible future appeal, you can seek the waiver of the sentence imposed by this court.”

OneCoin founder’s lawyer has been expelled
OneCoin founder’s lawyer has been expelled

Co-founded by Ignatova in mid-2010, OneCoin was a pyramid scheme / tiered marketing strategy that offered high commissions for recruiting new investors in a promised major cryptocurrency. But these investments often went straight into Ignatova’s pockets. Ignatova is still on the run.

For his part, Scott was convicted of helping Ignatova launder nearly $ 400 million, of which he pocketed more than $ 50 million in fees. According to the prosecutor Scott bragged about winning “50 times 50” based on his wealth and age. and used the money to buy luxury cars, a boat, and several beach houses.

As Cointelegraph previously reported, The OneCoin saga and its characters will soon be the subject of a great film starring Kate Winslet as well as a BBC television show.

Scott, who is out of jail for medical problems, He is currently waiting for a prison sentence for December 2020. He faces a prison sentence of up to 50 years.