In a transfer on Friday which will assist carry some peace to jilted traders, a five-judge panel from New York formally disbarred Mark S. Scott, the previous Locke Lord LLP lawyer and legal professional for the infamous scammer Ruja “Cryptoqueen” Ignatova, following his November 2019 conviction on expenses associated to the multi billion-dollar OneCoin rip-off. 

Scott, who was convicted of conspiracy to commit cash laundering and conspiracy to commit financial institution fraud, fought the disbarment, arguing that he has a post-trial movement pending which requests both an acquittal or a brand new trial. 

Judges from the Third Judicial Panel rejected these arguments, stating of their opinion that, “Ought to respondent’s post-trial movement or potential future attraction achieve success, ‘he could transfer to vacate the sanction imposed by this court docket.'”

Co-founded by Ignatova within the mid 2010s, the OneCoin pyramid scheme/multilevel advertising ploy supplied commissions for recruiting new traders in what promised to be a serious cryptocurrency, however investments had been usually as an alternative routed immediately into Ignatova’s pockets. Ignatova stays at massive. 

For his half, Scott was convicted of serving to to launder almost $400 million for Ignatova, of which he pocketed upwards of $50 million in charges. Based on prosecutors, Scott boasted of incomes “50 by 50,” referring to his wealth and age, and he used the cash to buy automobiles, a ship, and a number of beachside properties. 

As Cointelegraph has beforehand reported, the OneCoin saga and its characters are set to turn out to be the subject of a serious movement image starring Kate Winslet, in addition to a BBC tv present. 

Scott, who’s free from jail on account of medical considerations, is at the moment awaiting sentencing scheduled for December 2020. He faces as much as 50 years in jail.