ONECOIN ATTORNEY GETS 10-YEAR SENTENCE FOR $400M CRYPTO FRAUD

Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his role in a $400 million fraudulent cryptocurrency scheme connected to OneCoin, according to Manhattan federal prosecutors.

Scott was convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019. U.S. District Judge Edgardo Ramos, presiding over the case, also ordered Scott to forfeit $392,940,000, as well as various assets including bank accounts, a yacht, two Porsche automobiles, and four real estate properties.

Manhattan U.S. Attorney Damian Williams highlighted that Scott amassed $50 million through fraud and deception by the age of 50. Scott’s involvement in the OneCoin scheme began in 2015 when he met OneCoin co-founder Ruja Ignatova, also known as the “Cryptoqueen.” He played a significant role in setting up fake investment funds to launder millions of dollars in fraud proceeds in 2016.

Scott’s defense sought a five-year prison sentence, citing his time spent in home confinement over the last four years, while prosecutors pushed for a minimum of 17 years, emphasizing his greed despite his already luxurious lifestyle as a partner at a prestigious law firm.

Mark Scott, formerly an international mergers and acquisitions and private equity partner at Locke Lord, was disbarred by a New York state appellate court in November 2020.

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