- Mark Scott, a former partner with international law firm Locke Lord, is one of the alleged figures behind the scam.
- The OneCoin scam was headed by Bulgarian brother-sister duo, Konstantin Ignatov, and Ruja Ignatova.
According to Finance Feeds, Bank of Ireland staff have been asked to testify in the OneCoin fraud case which amounted to more than $3 billion. Mark Scott, a former partner with international law firm Locke Lord, is one of the alleged figures behind the scam. He has been accused of laundering $300 million in OneCoin proceeds using corporate accounts at the Bank of Ireland. He had falsely presented the source of the funds to the bank.
Three employees from the bank are being interrogated. The first is Deidre Ceannt who worked in foreign direct investment between 2014 and 2017. The second is Derek Collins, who was executive vice president and relationship director in 2016. The third and final witness is Gregg Begley, who is said to have processed paperwork submitted by Scott. The defendant had set up a series of offshore investment funds, called the “Fenero Funds,” which were used to launder the illicit proceeds.
Based on the allegations, Scott likely used the offshore funds to hide the fact that the money held in them was derived from the fraudulent OneCoin Ponzi scheme. Around $300 million was reportedly moved from these funds into accounts operated by Bank of Ireland.
Scott has previously refused that he knew OneCoin’s activities were unlawful. His trial was recently rescheduled to begin on November 4, 2019. OneCoin scam was operated by Bulgarian brother-sister duo, Konstantin Ignatov, and Ruja Ignatova. They promised of launching a cryptocurrency which all turned out to be fake. The duo managed to steal around $3 billion.
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