The sentencing of OneCoin money launderer Mark Scott has been pushed back till April 2020

Once again, the sentencing of OneCoin money launderer Mark Scott was pushed back until April 2020. The reason for the delay was the time to complete the meeting on post-trial motions and give Court a chance to consider.

Mark Scott OC

Mark Scott, Image via intercontinentalnews.

Mark Scott, one of the individuals involved in the OneCoin scam cryptocurrency program, is seeking to change his sentencing date, according to the letter sent by his lawyer at the New York Southern District Court on January 14, 2020.

The sentencing of Mark Scott, who was convicted on November 21, 2019, on two counts of conspiracy to launder money and conspiracy to commit bank fraud, is currently scheduled for November 21. However, the current deadline for Scott is February 3, 2020, and the Government was launched until February 24, 2020, to respond.

Before the upcoming deadlines, the defense request that the Court adjourns the sentencing date until April 21, 2020. This is set up to allow time to complete the meeting on post-trial motions and provide an opportunity to consider.

Based on Scott’s request, it seems that he will try to use medical issues to reduce his sentence. Besides, this additional time will allow counselors to prepare to sentence, including allowing Mr. Scott to carry out further tests and treatment for long-term medical issues.

Mark Scott gets convicted over $400M money laundering scheme

Scott, a former capital partner at law firm Locke Lord LLP, has laundered about $ 400 million in proceeds from OneCoin through fraudulent investment funds that he founded and operated for that purpose. Scott was paid over $ 50 million for his money-laundering services, which he used to buy in luxury cars, a yacht, and some seaside houses.

US attorney Manhattan Geoffrey S. Berman said: Mark S. Scott, a capital partner at a well-known international law firm, has used his expertise as an experienced corporate lawyer to set up fake hedge funds, which he used to launder hundreds of millions of dollars in fraud.

Scott was convicted of a conspiracy to commit money laundering, with a maximum sentence of 20 years imprisonment and one conspiracy to commit bank fraud, with a maximum sentence of 30 years in prison.

Onecoin scam

OneCoin is a big pyramid scheme. OneCoin Ltd. was co-founded by Ruja Ignatova around 2014 and is based in Sofia, Bulgaria. Scott was introduced to Ignatova in late 2015 and started laundering money for OneCoin scams in 2016. Ignatova served as OneCoin’s highest leader until she disappeared from public view, around October 2017.

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