OneCoin lawyer sentenced to 10 Years for laundering $400 million
Mark Scott, a 55-year-old former partner at U.S. law firm Locke Lord, has been sentenced to a decade in prison for his involvement in OneCoin cryptocurrency scam.
The sentencing was announced by Manhattan federal prosecutors. The lawyer responsible for laundering $400 million from the OneCoin fraud had been denied a new trial, despite a prosecution witness having perjured themselves in the trial against him.
Scott, from Coral Gables, Florida, was convicted in November 2019 of conspiracy to commit money laundering and bank fraud. U.S. District Judge Edgardo Ramos also ordered Scott to forfeit $392,940,000, along with several bank accounts, a yacht, two Porsche cars, and four real estate properties.
Manhattan U.S. Attorney Damian Williams stated that Scott had boasted about making $50 million by the age of 50. Williams remarked, “Indeed, Scott accomplished his goal, but by fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all of his illegal proceeds.”
Scott got involved with OneCoin after meeting co-founder Ruja Ignatova, also known as the “Cryptoqueen,” in 2015. He started creating fake investment funds in 2016 to launder money from the fraudulent scheme. He earned over $50 million, which he spent on luxury items, including cars, a yacht, and homes by the sea.
Ruja Ignatova, who co-founded OneCoin with Karl Sebastian Greenwood in 2014, is still at large. Greenwood was sentenced to 20 years in prison in September 2023 for fraud and money laundering and ordered to pay $300 million to victims. Irinia Dilkinska, former chief compliance officer at OneCoin, pleaded guilty to felony charges and is awaiting sentencing in February.
The case has gained international notoriety, particularly following Ignatova’s disappearance and subsequent addition to the FBI’s top 10 most wanted list in June 2022.
Scott’s lawyers reportedly plan to request bail while appealing the sentencing decision. This case is part of a larger trend of legal actions against individuals in the crypto industry accused of fraud and money laundering, including high-profile figures like former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and former Celsius CEO Alex Mashinsky.