Former Lawyer Sentenced to 10 Years in OneCoin Scam
Mark Scott, a former partner at U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in Ruja Ignatova’s OneCoin crypto scam worth nearly $400 million.
According to Manhattan federal prosecutors, Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, related to his participation in the OneCoin cryptocurrency fraud.
U.S. District Judge Edgardo Ramos also ordered Scott to forfeit $392,940,000, along with several bank accounts, a yacht, two Porsche automobiles, and four real estate properties as part of his sentence.
Scott Earned His Fortune Through Ruja Ignatova’s OneCoin Scam
Attorney Damian Williams stated that Scott had boasted about earning $50 million by the age of 50 but achieved this through fraud and deception.
Williams added that Scott would now spend a decade in prison and forfeit all of his illicit proceeds.
Prosecutors Seek 17 Years in Jail for Scott
Prosecutors, on the other hand, sought a minimum of 17 years in prison for Scott.
They argued that his actions were driven by greed and dissatisfaction with his luxurious lifestyle as an equity law firm partner.
In November 2020, Scott was disbarred by a New York state appellate court.
Hot Take: Former Lawyer Sentenced for Involvement in OneCoin Scam
A former lawyer has been sentenced to 10 years in prison for his role in the OneCoin cryptocurrency scam. Mark Scott was found guilty of money laundering and bank fraud in connection with the fraud scheme, which involved nearly $400 million. Scott will also have to forfeit millions of dollars in assets as part of his sentence. Prosecutors had sought a longer prison term of 17 years, arguing that Scott’s actions were driven by greed. This case highlights the consequences faced by individuals who participate in cryptocurrency scams and engage in fraudulent activities. It serves as a warning to others who may be tempted to get involved in such schemes.
By
By
By