OneCoin: Mark Scott Convicted of Money Laundering

Justice catches up with a new player in the gigantic OneCoin fraud. Former lawyer Mark Scott has just been sentenced to 10 years in prison by Judge Edgardo Ramos for his role in laundering hundreds of millions of dollars.

Mark Scott sentenced to 10 years in prison for massive money laundering

The case OneCoin has been making headlines for several years, this crypto-ponzi has indeed claimed many victims.

At the heart of this pyramid scam was Mark Scott, renowned partner of the firm Locke Lord, a graduate of the most prestigious American universities. Scott had previously enjoyed an unblemished career, establishing himself as one of the country’s leading regulatory compliance specialists.

But in 2016, lured by the lure of profit, the lawyer agreed to put his legal skills at the service of the instigators of the fraud, Ruja Ignatova and Karl Sebastian Greenwood.

He set up a series of fictitious investment funds in the Virgin Islands and Cayman Islands to launder hundreds of millions of stolen dollars.

For these services, Mark Scott reportedly pocketed over $50 million, which he then invested in a luxurious lifestyle.

Convicted in November 2019, Mark Scott is finally sentenced to 10 years in prison by Judge Ramos on Thursday January 25, 2024, a sentence lower than the 17 years requested by the public prosecutor.

Financial penalty of nearly $400 million for Scott

Alongside the 10-year prison sentence, the court ordered the seizure of $393 million in assets belonging to Scott, including his numerous bank accounts, real estate and other assets. A decision that will undoubtedly appease the tens of thousands of OneCoin victims worldwide.

Mark Scott’s conviction marks a new stage in the judicial handling of the OneCoin case. Other actors, such as Sebastian Greenwood, have already received lengthy sentences. Only the alleged mastermind of the scam, Ruja Ignatova, remains beyond the reach of the authorities to date.