Lawyer in OneCoin Case Found Guilty of Bank Fraud and Money Laundering
Mark Scott, a lawyer involved in the OneCoin cryptocurrency pyramid scheme, has been convicted on two criminal charges related to bank fraud and money laundering. The U.S. District Court has sentenced Scott to 10 years in prison for his role in laundering $400 million received from OneCoin.
The Rise and Fall of OneCoin
Between 2014 and 2016, the OneCoin project generated nearly $4 billion by promoting its native token as a cryptocurrency similar to Bitcoin. Co-founders Ruja Ignatova and Carl Sebastian Greenwood used a multi-level marketing (MLM) network to promote the project. However, it was later revealed that OneCoin was actually a financial pyramid scheme.
Scott’s Denial and Allegations
Throughout the trial, Scott’s defense claimed that he had no knowledge of OneCoin’s fraudulent activities. The prosecution alleged that Scott created an investment fund to handle Ignatova’s funds and profited $50 million from it. It was also revealed that Scott sold a sports car and transferred the funds to an offshore account instead of using them to compensate the pyramid scheme victims.
Sentencing and Future Proceedings
The judge stated that the money Scott handled should have been used to compensate the victims of the pyramid scheme. Scott plans to appeal the verdict, claiming that he only learned about the fraud through online messages. Another key figure in the case, Irina Dilkinska, former head of OneCoin’s legal department, has pleaded guilty and may face a 10-year sentence. Sentencing for Dilkinska is scheduled for February 14.
Karl Sebastian Greenwood’s Sentence
Karl Sebastian Greenwood, a co-founder of OneCoin, is already in custody and has been sentenced to 20 years in prison. He is also required to pay $300 million in compensation to the victims of the pyramid scheme.
Hot Take: Conviction of OneCoin Lawyer Highlights Accountability in Crypto Fraud Cases
The guilty verdict for Mark Scott in the OneCoin case serves as a reminder that individuals involved in cryptocurrency fraud will be held accountable for their actions. The conviction sends a strong message to those who exploit the crypto industry for personal gain. It also highlights the importance of due diligence and regulatory oversight to protect investors from fraudulent schemes. As the crypto market continues to grow, it is crucial for authorities to remain vigilant and take swift action against those who engage in illegal activities.
By
By
By
By
By