Former OneCoin Attorney Receives 10-Year Prison Sentence for Money Laundering
A former attorney and accomplice in the OneCoin crypto scheme, Mark Scott, has been sentenced to 10 years in prison after being found guilty of conspiracy to commit bank fraud and money laundering. The verdict was delivered in 2019, and Scott has been awaiting sentencing since then.
Supporting a Luxurious Lifestyle with Laundered Funds
Scott’s sentencing follows his conviction for his involvement in the controversial OneCoin crypto scheme. He was accused of laundering $400 million from the project to finance a lavish lifestyle. Investigations revealed that Scott personally profited around $50 million from his money laundering activities, making him one of the most prolific money launderers ever prosecuted.
About the OneCoin Crypto Scheme
OneCoin, founded by Ruja Ignatova in 2014, operated as a pyramid scheme, defrauding investors of over $4 billion. Ignatova, also known as the “Cryptoqueen,” has been on the FBI’s most wanted list for six years. In September 2023, OneCoin co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison for his role in the fraud.
Additional Convictions and Sentences
In addition to Mark Scott, Ignatova’s brother, Konstantin, was arrested in 2019 and pled guilty to money laundering charges. The OneCoin fraud has been identified as one of the largest in history.
Scott’s Ignorance Claim
During the trial, Scott’s defense lawyers argued that he was unaware of OneCoin’s fraudulent nature and claimed ignorance. Prosecutors recommended a minimum sentence of 17 years, while Scott’s legal team requested a five-year sentence. Prior to his sentencing, Scott expressed sympathy for the victims of the OneCoin scheme.
Hot Take: Former OneCoin Attorney Receives 10-Year Sentence for Money Laundering
Mark Scott, a former attorney involved in the OneCoin crypto scheme, has been handed a 10-year prison sentence for his role in money laundering. Scott’s conviction and sentencing serve as a significant milestone in the prosecution of those responsible for the massive fraud orchestrated by OneCoin. This case highlights the need for continued efforts to bring justice to victims and hold accountable individuals involved in fraudulent cryptocurrency schemes.
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