It seems like the OneCoin co-conspirator is trying to get his sentence postponed until the 21st of April, according to the recent filings by Mark Scott’s counsel so let’s find out more in the altcoin news today.
There are a lot of scam reports in the crypto space and most of them took place back in the days when bitcoin was surging to the $20,000 all-time high. One of the frauds that started in 2016, slightly before the popular surge, involved a company named OneCoin whose conspirators were eventually arrested and put on trial. The OneCoin co-conspirator Mark Scott was convicted back on November 21 in 2019 and the court found him guilty on two counts- conspiracy to commit bank fraud and the conspiracy to commit money laundering. All that remained for him is to get a sentence that was supposed to happen in February this year.
However, before that happens, the court gave him time to file any Rule 29 or Rule 33 motions so Scott can now use this time to request a retrial which he can do until February 3rd. After that, the government will have three weeks to respond. In a new development, Scott seems to have used his opportunity as his counsel decided to file a letter that seeks to postpone the sentencing date. According to the letter, Scott and his representatives will like to push the sentencing date for April 21st, 2020. This postponement will allow the defense with the needed time to complete briefing regarding the post-trial motions while in the meantime it will allow the court enough time for a review. In addition to that, the delay will allow the defense counsel to prepare for sentencing and this letter also pointed out that the government has no objection to the new schedule.
As some may know, Scott was a partner at the law company Locke Lord LLP and back in 2016, he formed a lot of fake private equity investment funds in the British Virgin Islands. The funds have become known as the Fenero Funds. It is also estimated that he laundered around $400 million in proceeds filing them down as the investments from wealthy families in Europe. Of course, the money was coming from the OneCoin scam and Scott paid $50 million for his services. He used his money to purchase a lot of luxury cars, yachts and houses.
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