OneCoin Head Paid Son of Former President George Bush $300,000 for Attending Crypto Meeting
- OneCoin scam was headed up by Ruja Ignatova and brother Konstantin Ignatov.
- Neil Bush was involved in a deal that would’ve potentially made him 10% of the profits from OneCoin sales.
OneCoin has been in the middle of a lot of legal trouble recently, considering the massive scam that the cryptocurrency has proven to be. Mark Scott, who formerly worked at the Locke Lord international firm as an attorney, is being tied into this trouble for allegedly conspiring with the creators of the Ponzi scheme to launder money. Ruja Ignatova, also known as Cryptoqueen, was already indicted on the money laundering charges, and has since gone into hiding, though brother Konstantin Ignatov was already apprehended.
Presently, Scott is unwilling to accept the charges that the courts are placing on them, stating that he believed the entire process was legal went he got involved. In fact, Arlo Devlin-Brown, the attorney for Scott, stated to the judge overseeing this case that Ignatova’s meeting with Neil Bush, brother of former President George W. Bush, was involved in discussions with Ignatova, leading Scott to believe that the scam wasn’t one. Devlin-Brown explained,
“This isn’t just: ‘We saw the name Bush on a transaction and cut a subpoena.’”
FBI agents involved with the investigation have previously contacting Neil Bush, considering that he is a board member of Hoifu Energy. Hoifu Energy is owned by Dr. Hui Chi Ming, and it was involved with a massive $60 million loan deal that was financed with OneCoin and cash. If Bush were to testify about the role he played, it would show that the deal isn’t actually a scam, as Devlin-Brown states.
US Judge Edgardo Ramos questioned David Garvin, Scott’s counsel, on whether there was a meeting that involved Hui, Bush, and Ignatova, to which Garvin answered that there was. Garvin confirmed that Bush received a payment of $300,000 for his attendance.
Supporting his statement, Garvin took his time in court to read information about an FBI interview with Neil Bush, during which time the investor was set to profit from the deal. The report states,
“Bush recalled that the head of Hoifu Energy, Dr. Hui Chi Ming, received a bunch of cryptocurrency for an oil deal in Madagascar. Bush had a residual interest in the cryptocurrency from the oil deal. Bush met the woman from the cryptocurrency company, Ruja Ignatova, in Hong Kong with Dr. Hui.”
Based on the FBI files, Garvin stated that Neil Bush would be privy to 10% of the entire deal, in the event that Hui was able to sell the cryptocurrency. Ultimately, the deal failed, but that doesn’t necessarily excuse Bush. The judge stated that Bush’s testimony won’t be relevant for Scott’s own defense.
Presently, Konstantin Ignatov could be sentenced to prison for 90 years, based on his involvement. He plead guilty to both money laundering and fraud, signing a plea deal last month that was made public two days ago.