Four Bank of Ireland Executives To Testify in $300 Million OneCoin Pyramid Scheme Case
Fresh news has emerged that witnesses belonging to the Bank of Ireland staff have been asked to bring upon testimonies against the perpetrators in the multi-dollar OneCoin pyramid scheme. According to reports, employees from the Bank were asked by the attorney to give a statement against Mark Scott. He is one of the main suspects of the more than $3 billion OneCoin scam.
The former partner with Locke Lord, an international law firm has been indicted of laundering over $300 million using business accounts at Bank of Ireland.
Witnesses to Testify Remotely
The government on Sep. 29 submitted a court motion that was seeking the testimony of witnesses from an obscure location in Ireland. The declaration is supposed to happen through closed-circuit television.
The trial was set to happen on Oct. 7 but was pushed to Nov. 4. The last pretrial conference is supposed to be on Oct. 28. This is according to FinanceFeeds from a fintech publication in early September.
All four witnesses are from the Bank of Ireland either as former or current employees. Among the witnesses is the head of Anti-Money Laundering Team at the BOI Diane Sands, foreign investment team member Ceannt Deirdre. The relationship director and executive VP Derek Collins was also called upon and Greg Begley. The latter is expected to provide proof that Scott was indeed involved in the transfer of funds.
Scott is charged explicitly with one offense which is a conspiracy to commit fraud. The government is going to try and show the court that the defendant defrauded OneCoin almost $400 million from 2016-2018. He is allegedly accused of using private equity funds in the Virgin Islands of British. He used accounts at banks from the Cayman Islands, funds that are commonly known as Fenero Funds. It is among the biggest scams that have ever been operated.