OneCoin Lawyer Sentenced to 10 Years in $400 Million Cryptocurrency Fraud Scheme

In response to Manhattan federal prosecutors, Mark Scott, a former companion on the U.S. regulation agency Locke Lord, has been sentenced to 10 years in jail for his involvement in a $400 million fraudulent cryptocurrency scheme.

The sentencing occurred on Thursday, and Scott was discovered responsible of conspiracy to commit cash laundering and conspiracy to commit financial institution fraud in November 2019, linked to his position within the OneCoin cryptocurrency fraud.

Decide Orders $392 Million Forfeiture

U.S. District Decide Edgardo Ramos, presiding over the case, additionally ordered Scott to forfeit $392,940,000 together with varied property, together with financial institution accounts, a yacht, two Porsche vehicles, and 4 actual property properties, as a part of the sentence.

Manhattan U.S. Lawyer Damian Williams emphasised in an announcement that Scott, now 55 and residing in Coral Gables, Florida, achieved monetary success by fraud and deception, incomes $50 million by age 50.

Williams acknowledged, “Scott completed his objective, however by fraud and deception, and can now spend a decade in jail and has been ordered to forfeit all of his unlawful proceeds.”

Prosecutors outlined that Scott’s involvement started in 2015 when he was launched to OneCoin co-founder Ruja Ignatova, often known as the “Cryptoqueen.” Subsequently, he performed a pivotal position in organising faux funding funds to launder thousands and thousands of {dollars} in fraud proceeds in 2016.

Scott acquired over $50 million for his participation, which he used to buy luxurious automobiles, a yacht, and several other seaside properties.

Scott’s Protection Pleads for five Years

In a quick filed on Friday, Scott’s protection sought a five-year jail sentence, portraying him as a “damaged man” who had spent the final 4 years in house confinement. Nevertheless, prosecutors pushed for at least 17 years, emphasizing Scott’s greed and dissatisfaction along with his already luxurious life-style as a companion at a prestigious regulation agency.

Scott, beforehand a global mergers and acquisitions and personal fairness companion at Locke Lord from June 2015 to September 2016, was disbarred by a New York state appellate court docket in November 2020. His legal professionals have but to reply to the current developments.

In the meantime, Karl Sebastian Greenwood, one other co-founder of the OneCoin scheme, received a 20-year jail sentence and was ordered to forfeit $300 million in September. Ruja Ignatova, the elusive “Cryptoqueen,” stays at massive and was added to the FBI’s high 10 most needed listing in 2022.