Lawyer accused of money laundering for OneCoin ‘scam’ goes on trial | City & Business | …

The alleged scam raised an estimated $5billion throughout the world and it is believed some 70,000 people in the UK have been left out-of-pocket after signing up to OneCoin packages. Prosecutors claim he also spent some of the fraud’s proceeds on a yacht, three houses and a Ferrari sportscar. Mr Scott faces one charge of conspiracy to commit money laundering and another to commit bank fraud. He has pleaded not guilty.

According to a recent court filing, his lawyers indicate that they expect the government will prove that money from OneCoin was invested in funds controlled by the defendant.

But they point to the fact that Mr Scott previously told the FBI that he had asked a colleague to look into rumours that OneCoin might be a “pyramid scheme” before getting involved, and had been reassured “there was nothing illegal going on”.

“The central issue at trial will be whether or not Mr Scott knew OneCoin was operating a criminal scheme,” they added.

US prosecutors are investigating…