Former Partner at U.S. Law Firm Sentenced to 10 Years in Prison for Involvement in $400 Million Cryptocurrency 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 fraudulent cryptocurrency scheme worth $400 million. The sentencing took place on Thursday, and Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019.
Judge Orders Forfeiture of $392 Million
U.S. District Judge Edgardo Ramos, who presided over the case, also ordered Scott to forfeit $392,940,000 and various assets as part of the sentence. These assets include bank accounts, a yacht, two Porsche automobiles, and four real estate properties.
Manhattan U.S. Attorney Damian Williams highlighted that Scott achieved financial success through fraud and deception, earning $50 million by age 50. Williams stated that Scott will now spend a decade in prison and must forfeit all of his illegal proceeds.
Involvement in OneCoin Fraud
Prosecutors revealed that Scott became involved with OneCoin co-founder Ruja Ignatova in 2015. He played a significant role in setting up fake investment funds to launder millions of dollars in fraud proceeds in 2016. Scott received over $50 million for his participation, which he used to purchase luxury items such as cars, a yacht, and multiple seaside homes.
Defense Pleads for Lesser Sentence
In a filing on Friday, Scott’s defense requested a five-year prison sentence, portraying him as a “broken man” who had spent the last four years under home confinement. However, prosecutors argued for a minimum of 17 years, highlighting Scott’s greed and dissatisfaction with his already luxurious lifestyle as a partner at a prestigious law firm.
Scott was disbarred by a New York state appellate court in November 2020. Meanwhile, another co-founder of the OneCoin scheme, Karl Sebastian Greenwood, received a 20-year prison sentence and was ordered to forfeit $300 million. Ruja Ignatova, the “Cryptoqueen,” remains at large and is on the FBI’s most wanted list.
Hot Take: Former U.S. Law Firm Partner Sentenced to 10 Years in Prison for Involvement in $400 Million Cryptocurrency Fraud
In a significant development, Mark Scott, a former partner at Locke Lord law firm, has been sentenced to 10 years in prison for his participation in a fraudulent cryptocurrency scheme worth $400 million. The sentencing took place after Scott was found guilty of money laundering and bank fraud conspiracy charges. The judge ordered Scott to forfeit $392 million along with various assets as part of the sentence. Prosecutors highlighted Scott’s role in the OneCoin fraud and his lavish spending using the proceeds. While Scott’s defense pleaded for a lesser sentence, prosecutors pushed for a longer prison term. This case underscores the severe consequences individuals may face for their involvement in cryptocurrency scams.