United States progress in the indictment process for large cases of a financial nature is notoriously slow. In part because of the natural lengthiness of the legal process due to the constitution and other governing infrastructure documents in the United States and in part because rich lawbreakers often employ lawyers capable of escaping the dreadful indictment and charge for as long as possible, it has often been difficult for law enforcement to put the nail in the coffin on major financial fraudsters.
The difficulty in the OneCoin investigation is only compounded by the complicated nature of crimes involving cryptocurrency. Insiders on the OneCoin operation were making money using currencies that are hard to track, using technology which is difficult to understand, and drawing money from a significant number of different victims. All of these factors have made it hard for the United States law enforcement agencies tasked with the heading up the investigation, including the Federal Bureau of Investigations and the Department of Justice, to get a handle on those responsible.
But in a momentous move by the joint task force, an official indictment has been issued against one of the key scammers involved in the money laundering scam known as OneCoin. Mark Scott was officially indicted by a grand jury earlier this year in August, and he was arrested by federal officers on September 5th. The official charge listed on his arrest warrant and indictment is the “conspiracy to commit money laundering,” a federal crime often toting a heavy prison sentence.
OneCoin was a multi-level marketing company that tricked investors into buying into what they believed to be a legitimate investment. After the investments were taken in, Marks and his co-conspirators laundered the investor money through several shell companies based all around the world. Some of the money laundered—around USD $400 million of funds stolen from defrauded investors—was used to purchase a massive mansion for Scott and his family in Massachusetts.
The scam operated for quite some time and attracted the interest of investors all around the world, despite the repeated conviction of experts in the financial world that OneCoin was an obvious multi-level marketing scam. But alas, investors had already poured hundreds of millions into what they thought was going to be the next big platform to hit the cryptocurrency community.
At the moment, the unnamed co-conspirators in the OneCoin operation are likely trying their best to get out of town. It is unclear how long the United States has been investigating the scheme, but the depth of evidence cited on the official indictment suggests that the DOJ has gathered a fair amount of damning pieces of evidence against the entire operation.
In particular, experts have pointed out that the government uses the term “persons known and unknown,” which implies that the investigation is still an ongoing one. In any case, there can be no doubt that the government will continue to press Scott and continue to search for any person or persons who might have been responsible for this massive money laundering scheme.