<

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.

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.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS