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

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

The sentencing happened 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 function 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 cars, 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 way of fraud and deception, incomes $50 million by age 50.

Williams acknowledged, “Scott completed his purpose, 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 called the “Cryptoqueen.” Subsequently, he performed a pivotal function in establishing pretend funding funds to launder thousands and thousands of {dollars} in fraud proceeds in 2016.

Scott obtained over $50 million for his participation, which he used to buy luxurious automobiles, a yacht, and a number of other seaside houses.

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 dwelling confinement. Nevertheless, prosecutors pushed for no less than 17 years, emphasizing Scott’s greed and dissatisfaction together with his already luxurious life-style as a associate at a prestigious legislation agency.

Scott, beforehand a global mergers and acquisitions and personal fairness associate 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 giant and was added to the FBI’s high 10 most wished checklist in 2022.