RATE Group | Man’s bizarre excuse for $588 million cryptocurrency scam
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Man’s bizarre excuse for $588 million cryptocurrency scam

22 Nov Man’s bizarre excuse for $588 million cryptocurrency scam

Posted at 07:39h in Cryptocurrency News by

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Mark Scott splashed his cash on yachts, pricey homes, fast cars and fancy watches – but his luxurious lifestyle was built on a huge cryptocurrency scam, a court has heard.

Mr Scott was a partner at prestigious US law firm Locke Lord before quitting to focus on his crypto dealings.

But he was later accused of using a variety of shell companies, overseas bank accounts and dodgy investment funds to cover up the source of $US400 million ($A588 million) he allegedly helped launder.

That cash was from Ruja Ignatova, a Bulgarian woman behind the OneCoin cryptocurrency system dubbed the “cryptoqueen”.

However, Assistant US Attorney Nicholas Folly claimed OneCoin was actually a fraudulent Ponzi scheme, raising billions from eager international investors who believed they were investing in a new digital currency.

In legal documents seen by news.com.au, it was alleged the lawyer laundered $US400 million ($A588 million) from 2016 onwards.

“OneCoin used the success story of Bitcoin to induce…

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