Originally Syndicated on May 10, 2024 @ 4:11 am
Mark S. Scott and Robert Courtneidge at OneCoin
Along with the Bulgarian scheme operators Konstantin Ignatov and his sister Ruja Ignatova, Mark S. Scott, a former partner of the prominent US law firm Locke Lord, is currently facing an indictment in the USA with the massive OneCoin investment fraud. Ruja Ignatova is said to have escaped to Russia and eluded American officials, while Konstantin Ignatov remains incarcerated in the United States. Konstantin Ignatov recently testified on behalf of the DOJ.
In his indictment, U.S. authorities accuse attorney Mark S. Scott of laundering almost $400 million for OneCoin. It is estimated that OneCoin investors have suffered losses totaling considerably more than $4 billion.
It has now been revealed through US authorities’ investigations that OneCoin employed more than only Mark S. Scott as a Locke Lord attorney. Furthermore, the current CEO and director of Moorwand Ltd., a company registered in the UK, Robert Cortneidge, a British national, previously held the position of Global Head of Card and Payment Services. Robert Cortneidge is currently under investigation as one of the individuals in charge of the KBH Andelskasse money laundering affair in Denmark. As a director and CEO of Moorwand Ltd., Courtneidge took over from the company’s founder, Alain Bazille, in April 2018, according to UK Companies House records.
It appears that Robert Courtneidge’s name was mentioned during Scott’s trial, according to Matthew Russell Lee of Inner City Press:
The following tweet was posted by Inner City Press: “119457248465715200”
Recent tweets from InnerCityPress (@InnerCityPress) reveal that Ruja Ignatova appears to have corresponded with Mark S. Scott and Robert Courtneidge on a regular basis. In an apparent attempt to defend himself before the US prosecutor, Mark S. Scott states that Robert Courdneidge, his coworker at Locke Lord, authorised and participated in the OneCoin transactions as well.
Inner City Press presented the explanation of the OneCoin emails.
Support for Locke Lord scams and a restricted website
You may notice an indication that the website is blocked if you attempt to visit the main US law firm Locke Lord’s website at www.lockelord.com. It falls under the heading of “Illegal Drugs, Policy and Law.” As a result, several networks have disabled access to the website. I find it interesting that a prestigious US law practice was harmed.
Mark S. Scott worked in the Miami and London offices from June 2015 until August 2016, based on his LinkedIn profile. From February 2012 to March 2018, Robert Courtneidge served as Locke Lord’s London office’s Global Head of Cards and Payment Practice. They have collaborated on several projects at Locke Lord and are well acquainted with one another.
The company that ran the UPayCard platform until April 2019 was Moorwand Ltd, which was subject to UK Financial Market Authority FCA regulation. Numerous binary options and broker frauds have amassed and pilfered the money of regular investors over this platform.
The company that ran the UPayCard platform until April 2019 was Moorwand Ltd, which was subject to UK Financial Market Authority FCA regulation. Numerous binary options and broker frauds have amassed and pilfered the money of regular investors over this platform.
Money Laundering (The crime for which former OneCoin lawyer was accused)
The act of concealing the source of funds acquired through illicit means and transforming them into a lawful source in order to evade legal action, conviction, and the seizure of the illicit assets is known as money laundering. The exchange of black money for white money is prohibited.
Money laundering is the process of hiding or masking the source of proceeds earned unlawfully so they seem to have come from authorised sources. It typically occurs in conjunction with other, far more dangerous crimes including extortion, robbery, and drug trafficking.The IMF estimates that money laundering accounts for 2 to 5% of global GDP.
Converting or transferring property; hiding or masking the nature of the proceeds; obtaining, possessing, or using property knowing that it is the result of illegal activity; and taking part in or supporting the transfer of funds in order to make the proceeds appear legitimate are all considered forms of money laundering.
Money obtained through “dirty” or illicit means—such as drug trafficking, human trafficking, insider trading, extortion, and illegal gambling—needs to be “cleaned” to make it look as though it came from legitimate sources so that banks and other financial institutions will handle it without raising alarms. There are numerous sophisticated and intricate ways to launder money.
Steps involved in Money Laundering:
Three steps are usually involved in money laundering:
- The first is placing cash into the financial system through some method.
- The second is layering (or performing intricate financial transactions to conceal the cash’s illegal source).
- The third is integrating (or acquiring wealth) from the transactions involving the illicit funds. Depending on the situation, some of these steps might be skipped. Non-cash proceeds, for instance, that are already incorporated into the financial system would not require placement.
How Money Laundering works:
Three steps are involved: integration, layering, and placement.
The “dirty money” is inserted into the reputable financial system through placement.
Layering uses a sequence of transactions and accounting gimmicks to hide the source of the funds.
When there is integration, the money that has been laundered is taken out of the official account and put to use in illegal activities.
Impacts of Money Laundering:
Economic effects:
- Undermines the private sector’s legitimacy
- Compromises the financial markets’ integrity
- Loss of influence over economic policies
- Instability and distortion of the economy
- Revenue loss Revenue-related security risks to privatisation initiatives
- Fluctuations in interest rates and currency rates brought on by unforeseen money transfers
- An increase in economic prices
- Impacts worldwide capital flows and trade.
Social Impacts:
- A rise in criminal activity
- Reduces the advancement of humanity
- Resource misallocation undermines locals’ faith in their home financial institutions
- Exposes society to illegal activities including drug trafficking, smuggling, corruption, and other transgressions, which lowers society’s moral and social standing.
OneCoin (The organization for which fraudulent lawyer worked)
OneCoin is a fraudulent cryptocurrency scheme run by offshore businesses OneLife Network Ltd, which is registered in Belize, and OneCoin Ltd, which is situated in Bulgaria and was formed by Ruja Ignatova in collaboration with Sebastian Greenwood. OneCoin’s organisational structure, which pays early investors with funds acquired from later investors, makes it a Ponzi scam. In addition, because investors were recruited without any real goods being offered, it was a pyramid scheme. The business carried out a covert database entry scam to mimic transactions that were not recorded by a real blockchain and that did not include any mining despite the ostensible production and distribution of bitcoin. A large number of the main actors in OneCoin had engaged in separate and distinct commercial malpractices and schemes in the past. A Times article referred to OneCoin as “one of the biggest scams in history”.
According to US officials, the scam generated revenue of about $4 billion globally. In China, 98 persons were prosecuted and 1.7 billion yuan were recovered by law enforcement. In 2017, Ignatova vanished shortly after a covert US arrest order was issued, and her brother, Konstantin Ignatov, assumed her role. Ignatova has managed to avoid arrest, but most of the leaders have now vanished or been taken into custody. Both Greenwood and Konstantin Ignatov were taken into custody in 2018 and March of 2019. Ignatov entered a guilty plea to fraud and money laundering charges in November 2019. For all offences, a maximum term of ninety years in jail is imposed. Greenwood entered a guilty plea in 2022 and was given a sentence in 2023 for 20 years for wire fraud and money laundering.
UPay Card(Fraudulent scheme involved with money laundering)
As claimed by Upaycard.
In partnership with Max It Finance Ltd. (MAX), ICP Finance Ltd. introduced UPAYCARD, a multi-use reloadable card. The card is a VISA card that is accepted at all Israeli and international establishments. The card can be used for ATM withdrawals, phone and internet purchases, and in-person purchases. The card has numerous and varied benefits and is connected to the Teachers’ Union’s Ashmoret Club.
The organisation manages a range of payment systems for numerous businesses, is a clearing house for credit issuers, and has extensive experience running complex financial services.
In the area of foreign currency employee expenses, the company serves hundreds of high-tech businesses as well as the biggest organisations in Israel. In order to expand their commercial credit cycle at the best rates and conditions on the market, the company carefully considers the demands of enterprises and licensed dealers.
Moorwand ( Another fraudulent scheme involved with the scam) (As claimed by Moorwand about themselves)
Moorwand is a payments solutions firm with headquarters in London that provides compliance services, digital banking, issuing, and digital banking direct. We provide access to card schemes, banking services, and a range of payment services to help entrepreneurs in the payment and financial technology industry.
Moorwand’s goal is to turn payment compliance into a tool that helps banks, fintechs, and payment businesses innovate. Since we don’t think it needs to be difficult, we offer specialised knowledge to assist you in developing the greatest fintech solutions. Because of our background in both law and payments, we are in a unique position to help our clients comprehend the implications of legislation and foresee the next wave of innovation before it emerges.
The UK’s Financial Conduct Authority has granted Moorwand a licence to operate as a regulated electronic money institution, allowing it to issue money electronically and offer payment services.
Moorwand has a solution for you whether you are a business in need of scheme membership, access to single or multi currency accounts, and a regulated principle to provide payment services to you and your customers, or you are a regulated Financial Institution, Electronic Money Institution, or Authorised Payment Institution.
KBH Andelskasse
In October 2018, Finansiel Stabilitet, a publicly traded entity held by the Danish State through the Danish Ministry of Industry, Business, and Financial Affairs, took over the scandal bank Københavns Andelskasse (KBH Andelskasse). Financial crime and money laundering are said to have been committed by the bank. Furthermore, it appears that the bank committed financial crimes and had major flaws in the legally mandated KYC and AML check processes.
