OneCoin : Mark Scott earned $50M for for laundering $400M

After Mark Scott abandoned his partnership at law firm Locke Lord, his life took great strides. And then, he made money laundering for a pyramid scheme of the fake OneCoin cryptocurrency.

Mark Scott

Scott pleaded not guilty when he was charged with using foreign bank accounts and fake hedge funds to conceal the origin of the $ 400 million illegal proceeds. US prosecutor – Julieta Lozano told Scott’s criminal trial jurors in Manhattan that he had earned millions of dollars. Moreover, he had bought a 57-foot yacht, multi-million dollar houses in Cape Cod, Massachusetts and luxury cars, including three Porsches and a Ferrari.

On November 20, the Manhattan American Attorney’s Office and the New York County Attorney’s Office said that the prosecution of Scott was coming to an end. Scott – The lawyer received from Ignatova $ 50 million to help her hide the laundering of a $ 400 million sum, Law360 reported.

OneCoin is a Bulgarian-based company and is considered one of the largest fraudulent cryptocurrency industries ever. However, although OneCoin is nothing more than an old-fashioned Ponzi scheme with no real product and investigators allege that Onecoin has raised $ 4.4 billion in the Ponzi scheme, the company still has have remained active so far.

Prosecutor Nicholas Folly said there was evidence that Scott was “obvious” and “overwhelming” in the attacks. Although Scott insists that he didn’t know that OneCoin was a scam.

In addition, Scott’s defense lawyer told the jury that there was a lot of uncertainty. This led to the case being insufficient evidence that Mark Scott knew OneCoin was a scam.

A Locke Lord spokesman stated that after he left, the company was unaware and involved in Scott’s criminal activities.

He said:

“Scott, who was with our company for a few years, was charged by the federal government with money laundering almost two years after his leaving. We were not aware of his personal activities outside of the firm, and we have been fully cooperating and working with government authorities”.

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