OneCoin lawyer trial kicks off in NY as cryptocurrency founder remains on the lam • The …

The trial of an American lawyer accused of moving hundreds of millions of dollars from a cryptocurrency scheme to offshore accounts kicked off on Monday this week in New York. He denies any wrongdoing.

The hearings are expected to take two to three weeks, and are the first for the three key executives charged for their alleged roles in the OneCoin cryptocurrency caper.

Mark Scott, once a partner at major law firm Locke Lord, was arrested just over a year ago at his beachfront property in Cape Cod, Massachusetts. The FBI accused the 50-year-old of acting as a money launderer for OneCoin, which has taken in an estimated $5bn worldwide, and making many times his salary by moving funds from the scheme.

Prosecutors allege that OneCoin works by getting people to purchase packages of the cryptocurrency with the assurance that at some point it will go live on a public exchange and they will become instant…