In a move that could help abandoned investors find peace, a five-judge panel in New York has officially removed Mark S. Scott, a former attorney for Luke Lord LLP and attorney for notorious fraudster Ruja “Cryptoqueen” Ignatov. Decision from November 2019 on charges of multi-billion dollar OneCoin fraud.
Scott, who was convicted of conspiracy to launder money and conspiracy to commit banking fraud, fought to get the ban lifted, claiming he had an unfinished investigation to either acquit or reopen.
The judges of the third court rejected these arguments and stated, in their opinion, that “in the event that the defendant’s motion is granted after a trial or a possible appeal in the future,” he may proceed to quash the judgment rendered by that court.
The OneCoin pyramid scheme / multi-level marketing ploy was founded by Ignatova in the mid-2010s, offering commissions for bringing in new investors into what promised to be the mainstream cryptocurrency, but investments were often directed straight into Ignatova’s pockets. Ignatova is still at large.
Scott, for his part, was found guilty of helping money launderers close to $ 400 million for Ignatova, of which he earned over $ 50 million in royalties. According to prosecutors, Scott bragged about winning “50-50,” citing wealth and age, and used that money to buy more cars, boats and beach houses.
As Cointelegraph previously reported, the OneCoin saga and its characters will be the subject of a major film starring Kate Winslet, as well as a BBC TV show.
Scott, who was released from prison for medical reasons, is currently awaiting sentencing in December 2020. He will receive up to 50 years in prison.