A US layer goes on trial for his role in the OneCoin crypto scam. Mark Scott is accused of laundering some 400 million USD, transferring the proceeds of the scam out of the U.S., while helping to hide the true origin of the funds.
Parts of those funds ended in Bank of Ireland accounts, while with the rest Scott bought a yacht, three homes and a Ferrari.
The US prosecutors also said that while Scott was legally working as a partner in a well respected law firm in New York, earning hundreds of thousands of dollars, this legal income was just “a fraction of the money he was paid to launder OneCoin fraud scheme proceeds”.
The defense claims that Scott was not aware of what was going on and was just investing funds on behalf of OneCoin. According to Scott lawyers before starting to work with OneCoin he had asked a colleague to check if OneCoin is a “pyramid scheme”, and had been reassured “there was nothing illegal going on”.
According to Scott defense “the central issue at trial will be whether or not Mr Scott knew OneCoin was operating a criminal scheme”.
Scott faces one charge of conspiracy to commit money laundering and another to commit bank fraud, of which he has pleaded not guilty.
The OneCoin Ponzi scheme has attracted in total over 5,15 billion USD from investors in countries like the U.S., China, the UK and Uganda.