It was reported earlier this month that CoinOne founder had pled guilty to charges of money laundering and running of a multi-billion dollar scam and was facing up to 90 years in prison for his crimes. His case was yet another example of fraudulent individuals taking advantage of the emerging industry that is cryptocurrency in order to scam others. One interesting fact in the case was his co-founder who was currently on the run and had been paranoid of those around her and giving her up to the authorities. The woman in question is named Ruja Ignatova and is also known as the CryptoQueen in her circles.
It seems the case has become even more complex as it was recently revealed to a grand jury that lawyer Mark S. Scott had been paid $50 million to help Igonatove launder up to $400 million.
Fugitives and Launderers
It was reported on November 20, 2019 that the Manhattan U.S. attorney’s office and the New York County district attorney’s office are in the last phase of the prosecution of Mark S. Scott, who is a former partner at Locke Lord for his participation in the CryptoQueen’s crimes as well as accepting $50 million to help our launder money.
OneCoin has gone down in history as one of the most famous exit scams as it raised up to $4.4 billion from investors which eventually disappeared. Strangely enough, the business is still operational until this day despite both the co-founders being exposed as criminals. In the case of Scott, it has been revealed that he used a network of various companies, offshore accounts, and fraudulent businesses to launder the money on behalf of the CryptoQueen and was handsomely rewarded for his efforts.
It had been previously alleged by prosecutor Julieta Lozano that Scott had received payment for his dealings in form of a 57-foot yacht, multiple luxury homes in Manhattan and other places as well as luxury cars. However, Scott’s defense lawyer argues that he was unaware of OneCoin’s fraudulent activities and that it was a scam.
Locke Lord, in the meantime, has distanced themselves from him and has stated that they were u aware of his criminal dealings which took place after he stopped working for them.
“Scott, who was with our firm for a little over a year, was charged by the federal government with money laundering almost two years after his departure. We were not aware of his individual activities outside of the firm, and we have been fully cooperating and working with government authorities,” their statement said.