Home Cryptocurrency US government to Forfeit $392 Million and Post Conviction Order Against OneCoin...

US government to Forfeit $392 Million and Post Conviction Order Against OneCoin Co-Conspirator

  • US government is seeking forfeiture of $393,940,000
  • The US government is pushing for the post-conviction order
  • Mark S. Scott was convicted on November 21, 2019, for condemning wire fraud and bank fraud with his connections.

Mark S. Scott was convicted on November 21, 2019, for condemning wire fraud and bank fraud with his connections. He conspired to launder $400 million with OneCoin. Per a recent letter submitted to the New York District Court, the US government is seeking forfeiture of $392.9 million for the crime. 

According to the letter, the government is seeking forfeiture of $393,940,000, which will be part of the previously announced sentence of Mark Scott. The verdict was announced by Honourable Edgardo Ramos. 

How did he Do It?

According to Geoffrey S. Berman, who is a Manhattan-based U.S. Attorney, Scott’s connection with equity firm Locke Lord LLP along with his knowledge from being a corporate lawyer, helped him scheme and launder millions of dollars. Berman also commented that for his elaborate fraudulent and successive crypto scheme he received a share of $50 million. 

The “OneCoin” pyramid scheme was founded by Ruja Ignatova. Scott came in contact with her (Ruja) in 2015, and the laundering proceeded till 2016. In this period, OneCoin generated $3.980 billion in sales, along with a whopping profit of $3.83 billion. 

Based on evidence received in the trial, the government believes that Scott was involved in laundering a large amount of sum through various shell corporations and bank accounts that were owned by him. Through various indictments and various hearings now the government is sure that $400 million was just a part of the sum that Scott laundered conspiring with OneCoin and there is more to be discovered. For the same, the US government is pushing for a post-conviction restraining order to continue the matter.

Role of OneCoin

OneCoin had claimed that they mine their Crypto coins through servers maintained by the company and their price depends on the market supply and demand ( as it should have been). But in fact, they do not mine their coins, and the value was decided internally. This was the very reason Coin’s value grew from $0.59 to $35.52 by January 2019. 

Based on all the facts and trails to date, the US government is pushing for the post-conviction order. One can note that the Sentencing of Scott is scheduled for October 9, 2020.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

Digital change is essential however we don’t uphold private cryptocurrencies- German Finance Minister

Germany's Finance Minister Olaf Scholz has referenced secretly given cryptocurrencies resources.The European Union (EU), including Germany, is quickening innovative work on the...

Utilizing blockchain to screen the COVID-19 vaccine supply chain

Blockchain offers a changeless, decentralized information base that can enable all gatherings to ensure that antibody supplies are being put away and...

Leaked Citibank details Reveals Bitcoin Could Rocket To $300,000 Price By End Of 2021

Bitcoin has detonated in the most recent couple of weeks, adding to increases through 2020 that is seen more than twofold in...

Airbnb plays blockchain popular expression bingo in $ 1B IPO documenting with SEC

Crypto firms are genuinely attempting to restore the gravely hit travel area utilizing conveyed record innovation. The record rolls out an elite of...

The Cryptocurrency Mining Equipment market is skyrocketing

Stratagem Market Insights added an overview of the Cryptocurrency Mining Equipment MarketThe insider report covers various aspectsDifferent methodology to study the competitive...

Bitcoin Cash Under Pressure Slips -0.95% After Split Into Two Blockchains While BCHA Emerges as Positive Performer

Bitcoin Cash builds the Symmetrical triangle pattern, on daily chart faced rejection from the resistance and bounces from the support line  The pair...

Related News

Digital change is essential however we don’t uphold private cryptocurrencies- German Finance Minister

Germany's Finance Minister Olaf Scholz has referenced secretly given cryptocurrencies resources.The European Union (EU), including Germany, is quickening innovative work on the...

Airbnb plays blockchain popular expression bingo in $ 1B IPO documenting with SEC

Crypto firms are genuinely attempting to restore the gravely hit travel area utilizing conveyed record innovation. The record rolls out an elite of...

The Cryptocurrency Mining Equipment market is skyrocketing

Stratagem Market Insights added an overview of the Cryptocurrency Mining Equipment MarketThe insider report covers various aspectsDifferent methodology to study the competitive...

Brazilian Indigenous Tribes Neglected by the Government

Jair Bolsonaro, The President of Brazil, is known for looking down on its indigenous people. He is racist and discriminative towards themHe...

ZebPay to Dispatch India’s non-fungible Crypto Token and Commercial Center

A non-fungible token (NFT) is a cryptographic symbolic that speaks to something exceptional and has singular qualities that set them apart. The distinction...