OneCoin co-conspirator seeks additional time to prepare motion for acquittal

Maria Nikolova

Mark Scott, convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud, asks for time extension to prepare his motions for acquittal and retrial.

Mark Scott, one of the individuals linked to fraudulent cryptocurrency scheme OneCoin, is asking the Court for more time so that he can prepare Rule 29 and Rule 33 motions – that is, his motions for a new trial and acquittal.

Let’s recall that Scott was convicted on November 21, 2019 on two counts, conspiracy to commit money laundering and conspiracy to commit bank fraud.

In December 2019, he was granted additional time to prepare his Rule 29 and Rule 33 motions. Now, he seeks further extension of the deadline to submit the motions. The relevant request was submitted at the New York Southern District Court on Friday, January 3, 2020.

The current deadline for Scott to file any Rule 29 and Rule 33 motions is January 20, 2020. The defendant requests that the Court extend this deadline by an additional two weeks, to February 3, 2020. He seeks this additional time to permit him and his counsel to review issues relating to these motions. The Government has no objection to the request and proposes to submit any opposition by February 24, 2020 or make a subsequent application for an extension.

Scott’s conviction followed a three-week trial. Scott, a former equity partner at the law firm Locke Lord LLP, laundered approximately $400 million in proceeds of OneCoin through fraudulent investment funds that he set up and operated for that purpose. Scott was paid more than $50 million for his money laundering services, which he used to buy luxury cars, a yacht, and several seaside homes.

Beginning in 2016, Scott formed a series of fake private equity investment funds in the British Virgin Islands known as the “Fenero Funds.” He then disguised incoming transfers of approximately $400 million into the Fenero Funds as investments from “wealthy European families,” when in fact the money represented proceeds of the OneCoin fraud scheme.

Scott was convicted of one count of conspiracy to commit money laundering, which carries a maximum potential sentence of 20 years in prison, and one count of conspiracy to commit bank fraud, which carries a maximum potential sentence of 30 years in prison.

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