The trial against Mark Scott, a US lawyer accused of laundering some of the proceeds from OneCoin, has begun in New York.
The lawyer is accused of routing approximately USD 400 million out of the US, while trying to conceal the true ownership and source of the funds. Some is alleged to have ended up in Bank of Ireland accounts, according to BBC.
Prosecutors claim he also spent some of the fraud's proceeds on a yacht, three homes, and a Ferrari car. Moreover, apparently some of the funds he was making in his role as a partner at a top-ranked law company, came from money laundering activities. The lawyer was paid to launder OneCoin fraud scheme proceeds.
US-based investors claiming to have been defrauded by the scheme are also attempting to sue Mr Scott for recompense in a related case.
Others involved in OneCoin are also facing prosecution. The man alleged to be one of the scheme's leaders, Konstantin Ignatov, was arrested at Los Angeles International Airport in March 2019. And one of its co-founders, Sebastian Greenwood, was extradited from Thailand to the US following an operation involving the FBI in November 2018.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now