In his witness testimony at Mark Scott’s trial, Konstantin Ignatov claimed OneCoin took in over $2 billion.

In January 2019, US authorities pegged OneCoin losses at over $4 billion.

That money had to go somewhere. Today we examine exactly how Mark Scott shuffled hundreds of millions of euros for OneCoin’s owner, Ruja Ignatova.

As part of their money laundering case against Scott, the DOJ called on Paul Spendiff to testify.

Spendiff was the Head of Global Sales and Director of UK business for Apex Group. He is no longer with the company.

Spendiff describes Apex Group as a ” third-party management company”.

Spendiff met Mark Scott in May 2016, with respect to fund administration of Fenero Funds.

Within Fenero Funds Scott had set up smaller fund companies; Fenero Equity Investment LP, Fenero Switzerland Limited and Equity Switzerland Limited.

According to Spendiff, the Fenero Funds were a “British Virgin Island approved fund”.

Upon reaching out to Apex Group, Scott made it clear OneCoin funds were to be kept out of the US.

Mark had originally been going to engage with the New Jersey office of Apex Fund Services but had decided that — stated there was a preference to have the fund administration done outside of the U.S., preferably in Europe.

During their initial discussions, Scott failed to disclose that money flowing into the Fenero Funds was sourced from OneCoin investors, or that he was in fact working for Ruja Ignatova.

Q. During the period of time that Apex administered these funds did the defendant tell you that the money that was coming into the funds originated from an entity called OneCoin?

A. No, he did not.

Q. During that period did he disclose to you that the funds in — sorry, that the money in the funds belonged to a person called Ruja Ignatova?

A. No, he did not.

Scott stated he would be an “investment manager” through MSSI Consultants BVI Limited, a British Virgin Islands shell company he’d set up.

MSSI Consultants BVI Limited in turn was “owned” by MSSI, another shell company registered in Florida and 100% owned by Scott.

David Pike was named as an administrative assistant working within the Fenero Funds.

As testified by Spendiff;

Our plan was to set up four — ultimately four funds in the BVI. Each of them had a maximum investment size of a hundred million dollars.

That’s the legal maximum that that type of fund in BVI can have; that they would invest into European financial services — stressed European financial services and financial technology firms within Europe.

And that the investors would be wealthy European family offices that Mark had made connections with in his 25 years as a private equity and real estate lawyer.

To seal the deal, Scott cited having been

a partner at a U.S. law firearm called Locke Lord and bragged about a lot of other large U.S. and global law firms.

Irina Andreeva Dilkinska, who was officially head of OneCoin’s legal department and assisted Scott with money laundering, was tied t

🤖 Quick Answer

Who was Mark Scott in the OneCoin money laundering scheme?
Mark Scott served as a financial intermediary who managed hundreds of millions of euros for OneCoin's owner, Ruja Ignatova. He utilized Apex Group, a third-party management company, to facilitate fund administration through various entities including Fenero Funds and its subsidiary companies, enabling the laundering of cryptocurrency proceeds.

What role did Apex Group play in the OneCoin case?
Apex Group functioned as a third-party management company providing fund administration services. The firm processed transactions through entities like Fenero Funds, which Scott had established. Paul Spendiff, the company's Head of Global Sales and UK Director, initially managed Scott's accounts before the DOJ brought money laundering charges against him.

How much money was involved in the OneCoin fraud?
OneCoin generated over two billion dollars according to witness

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