OneCoin lawyer sentenced to 10 years for laundering $400 million
Mark Scott, a lawyer who helped the notorious OneCoin cryptocurrency scheme launder $400 million, has been sentenced to 10 years in prison by a U.S. District Court.
Scott was found guilty of two criminal charges related to bank fraud and money laundering, after a jury trial in November 2019. He was accused of creating an investment fund to funnel money from OneCoin, a fraudulent project that claimed to be a cryptocurrency similar to Bitcoin, but was in fact a Ponzi scheme.
OneCoin was co-founded by Ruja Ignatova, known as the “crypto queen”, and Carl Sebastian Greenwood, who promoted the scheme through a multi-level marketing network. From 2014 to 2016, OneCoin raked in almost $4 billion from unsuspecting investors around the world.
OK – now at #OneCoin sentencing of money launderer Mark Scott – he is still redacting names of “clients” who support him, Judge Ramos just noted Inner City Press’ presence and motion, denied, #CourtroomConfidential thread below https://t.co/CPVGhZQr6O
— Inner City Press (@innercitypress) January 25, 2024
However, Scott’s lawyers argued that he was unaware of OneCoin’s fraud and believed it was a legitimate business. They also claimed that he did not personally benefit from the scheme, but only received a standard fee for his legal services.
The prosecution, however, presented evidence that Scott earned $50 million from laundering OneCoin’s money, and used it to buy luxury cars, yachts, and mansions. They also showed that Scott lied about the names of his clients and transferred funds to offshore accounts to evade detection.
Scott is not the only OneCoin associate facing justice. Irina Dilkinska, the former head of OneCoin’s legal department, pleaded guilty to fraud and money laundering charges, and could face up to 10 years in prison. Her sentencing date is set for February 14. Greenwood, who was arrested in Thailand in 2018, was sentenced to 20 years in prison and ordered to pay $300 million in restitution to OneCoin victims. Ignatova, however, remains at large and is wanted by the FBI.
- Onecoin Founder’s Ex-Partner Sentenced To Five Years In Jail For Money Laundering $300 Million
- Ruja Ignatova, Crypto Queen Behind OneCoin Ponzi Scheme, Will Be Added To The FBI’s Most-Wanted List
- OneCoin Co-Founder Karl Greenwood Sentenced To 20 Years In Prison And $300 Million Fine