OneCoin Scam Lawyer Faces Decade Behind Bars for $400 Million Laundering

cryptonews.com:

Mark Scott, a former partner at U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in Ruja Ignatova’s OneCoin crypto scam worth nearly $400 million.

According to Manhattan federal prosecutors, Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, related to his participation in the OneCoin cryptocurrency fraud.

U.S. District Judge Edgardo Ramos also ordered Scott to forfeit $392,940,000, along with several bank accounts, a yacht, two Porsche automobiles, and four real estate properties as part of his sentence. Manhattan U.S.

Attorney Damian Williams stated that Scott had boasted about earning $50 million by the age of 50 but achieved this through fraud and deception.

Williams added that Scott would now spend a decade in prison and forfeit all of his illicit proceeds.

#breaking: #OneCoin money launderer Mark Scott has just been sentenced to 10 years in prison, with names of clients still redacted
Inner City Press pushing to unseal, live tweeted below:
Judge Ramos: I sentence you to ten years https://t.co/4MObI9MOo6

— Inner City Press (@innercitypress) January 25, 2024

Scott’s lawyers have not yet responded to requests for comment on the matter.

Prosecutors revealed that Scott became acquainted with Ruja Ignatova, co-founder of OneCoin and also known as the “Cryptoqueen,” in 2015.

In 2016, he began establishing fake investment funds to launder millions of dollars in fraudulent proceeds.

Scott received over $50 million for his involvement in the scheme, which he used to purchase luxury cars, a yacht, and multiple seaside homes.

In a brief filed on Friday, Scott requested a sentence of five years of imprisonment, describing himself as a