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The vanished head of the OneCoin crypto Ponzi scheme, Ruja Ignatova (also known as the CryptoQueen), has paid $300K to Neil Bush, the son of the late 41st U.S. President George Bush and the brother of the 43rd President George W. Bush, for attending meetings organized by Ignatova’s fraudulent cryptocurrency company.
OneCoin is again in the news for all the wrong reasons. It is undergoing a legal investigation in the United States for allegedly laundering money. Mark Scott, a former attorney at Locke Lord (an international firm) is also facing legal proceedings in a District Court in the United States. It is alleged that Scott conspired with Ruja Ignatova and her brother Konstantin Ignatov (who recently confessed to fraud) to run the crypto-based Ponzi scheme, OneCoin.
However, Scott’s attorney, Arlo Devlin-Brown, has made it clear before the court that his client had no idea that the OneCoin was based on a fraud. According to the attorney, when his client had learned that Neil Bush, who comes from a powerful presidential family, had met Ruja Ignatova and her brother, his confidence in OneCoin grew. The attorney also mentioned that there was a transaction with the name of Bush on it.
Upon hearing this, the presiding judge asked whether there was a meeting between Neil Bush, Ruja Ignatova and her brother. Devlin-Brown replied in the affirmative. He also alleged that for this meeting, Bush was paid $300K by Ruja Ignatova.
Suspicious Ties to Dubious Characters
Devlin-Brown apprised the court that Bush, as a member of the board of Hoifu Energy, had attended a meeting in Hong Kong where the head of the company, Dr. Hui Chi Ming, had informed Bush that he obtained cryptocurrency for an oil deal in Madagascar. It was here that Neil Bush met with the head of OneCoin Ruja Ignatova. It was later revealed that OneCoin was to be one of the facilitators of that cryptocurrency deal.
Based on investigation conducted by the FBI, Scott’s attorney claimed that Neil Bush was promised 10% of the cryptocurrency deal. Even though the deal never materialized, that does not dissolve the suspicious ties that Bush had with the cryptocurrency Ponzi scheme.
OneCoin has been in the news fora lot of notorious reasons. Investigators unearthed the massive $4 billion scam that OneCoin had been orchestrating behind the curtains. It led its customers to believe in a fake scheme that emphasized a much higher than the actual value of its digital token. A lot of people fell for the trap and ended up investing in the company by buying the valueless digital token.