NY Court adjourns sentencing of OneCoin co-conspirator

Maria Nikolova

The sentencing of Mark Scott is adjourned to April 22, 2020.

Judge Edgardo Ramos of the New York Southern District Court has granted the request of Mark Scott, one of the individuals involved in cryptocurrency scam OneCoin, to have his sentencing postponed.

As per the order, seen by FinanceFeeds, the sentencing is adjourned to April 22, 2020.

The sentencing of Mark Scott, who was convicted on November 21, 2019 on two counts, conspiracy to commit money laundering and conspiracy to commit bank fraud, was initially set for February 21, 2020. However, the current deadline for Scott to file any Rule 29 and Rule 33 motions (that is the motions for retrial and acquittal) is February 3, 2020, and the Government has been given until February 24, 2020 to respond.

In light of these upcoming deadlines, the defense requested that the Court adjourn the sentencing date. This additional time is poised to allow for the completion briefing on post-trial motions and to provide the Court with an opportunity for review. Also, this additional time will permit counsel to prepare for sentencing.

Scott, a former equity partner at the law firm Locke Lord LLP, laundered approximately $400 million in proceeds of OneCoin through fraudulent investment funds that he set up and operated for that purpose. He was paid more than $50 million for his money laundering services, which he used to buy luxury cars, a yacht, and several seaside homes.

Beginning in 2016, Scott formed a series of fake private equity investment funds in the British Virgin Islands known as the “Fenero Funds.” He then disguised incoming transfers of approximately $400 million into the Fenero Funds as investments from “wealthy European families,” when in fact the money represented proceeds of the OneCoin fraud scheme. Scott layered the money through various Fenero Fund bank accounts in the Cayman Islands and the Republic of Ireland. Scott subsequently transferred the funds back to Ignatova and other OneCoin associated entities, this time disguising the transfers as outbound investments from the Fenero Funds. As part of the scheme, Scott and his co-conspirators lied to banks and other financial institutions all over the world, including to banks in the United States, to cause those institutions to make transfers of OneCoin proceeds and evade anti-money laundering procedures.

Scott faces a maximum sentence of 50 years in prison.

Read this next

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

<