Bank of Ireland staff asked to testify in $300M OneCoin fraud case
As the multi-billion dollar OneCoin Cryptocurrency pyramid scheme continues to tumble, news of witnesses set to testify against the scam’s perpetrators are now coming to light.
Scott, a former partner with international law firm Locke Lord, has been accused of laundering $300 million in OneCoin proceeds using corporate accounts at the Bank of Ireland. It’s believed that he misrepresented the source of the funds to the bank.
Three witnesses from the bank are being called upon. The first is Deidre Ceannt who worked in foreign direct investment between 2014 and 2017. The second is Derek Collins who was executive vice president and relationship director in 2016. The third and final witness is Gregg Begley who is said to have processed paperwork submitted by Scott.
The defendant allegedly setup a series of offshore investment funds, called the “Fenero Funds,” which were purportedly used to launder the illicit proceeds.
Based on the accusations, it appears that Scott used the offshore funds to disguise the fact that the money held in them was derived from the bogus OneCoin Ponzi scheme. It’s believed $300 million was moved from these funds into accounts operated by Bank of Irela