Cryptoqueen’s lawyer has been expelled from the New York State.
Formerly an attorney for Locke Lord LLP, Mark Scott, has been banned from practicing law in New York because of his OneCoin scam involvement. Federal prosecutors claim that the fraud took more than $4B from investors in 2014.
Scott was condemned for conspiracy to commit money laundering and bank last November 2019. He has been awaiting sentence since then. On the other hand, Ruja “Cryptoqueen” Ignatova is still at large since disappearing in 2017.
Last Friday, a panel of five judges had ordered Scott’s name to be removed from the roll of attorneys in the State of New York.
Now, Scott is “forbidden” for appearing as “an attorney or counselor-at-law before any court, judge, justice, board, commission or other public authority, or to even give to another an opinion as to the law or its application.”
The New York panel depends on a prior suspension from the Supreme Court of Florida, where Scott was admitted in 1998.
The OneCoin scam enticed investors in with the potential of becoming the next Bitcoin. What splits OneCoin and other crypto companies is that OneCoin’s blockchain hasn’t existed.
When the people wired it with money, they believe that they were buying OneCoin tokens, which will accumulate value and then be sold on secondary markets. But the company organized the ledger and made up the price.