The lawyer who was said to have laundered some of the proceeds from a multi-million-dollar OneCoin cryptocurrency scam is currently in New York for his trial.

Mark Scott is accused of siphoning money amounting to 300 million USD from the US using corporate accounts at the Bank of Ireland, whose employees were asked to serve as testimonies against him in September.

Scott allegedly made several offshore investment vehicles, called the “Fenero Funds”, which he used to launder the proceeds from the scam.

Some of the proceeds according to prosecutors were also said to be spent on some luxury items like a yacht, three homes, and a Ferrari.

A former partner at Locke Lord, a major law firm, Scott was arrested over a year ago at his beachfront property in Cape Cod, Massachusetts. He previously denied knowing that OneCoin’s activities could be unlawful.

For context, Onecoin was operated by siblings from Bulgaria, Konstantin Ignatov and Ruja Ignatova. They attended glamorous events to promote the coin, promising attendees that they were launching a cryptocurrency like other – however, it was all fake.

In cryptocurrency’s relatively short-lived history, Onecoin was considered one of the biggest scams. It is not yet known how much was stolen, but an estimation of about 3 billion USD was feared to be taken.

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