OneCoin Scam Lawyer Faces Decade Behind Bars for $400 Million Laundering

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By BitcoinWiki News

Key Takeaways:

– Mark Scott, former partner at U.S. law firm Locke Lord, sentenced to 10 years in prison for involvement in OneCoin crypto scam
– Found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud
– Ordered to forfeit $392,940,000 and various assets including bank accounts, a yacht, two Porsche automobiles, and four real estate properties
– Scott allegedly earned $50 million through fraud and deception related to the OneCoin scam
– Became acquainted with Ruja Ignatova, co-founder of OneCoin, in 2015 and established fake investment funds to launder millions of dollars in fraudulent proceeds
– Scott received over $50 million for his involvement in the OneCoin scheme and used it to purchase luxury cars, a yacht, and multiple seaside homes
– Sentenced to 10 years in prison despite requesting only five years
– Prosecutors sought a minimum of 17 years in prison for Scott
– Disbarred by a New York state appellate court in November 2020
– Ruja Ignatova, co-founder of OneCoin, added to FBI’s top 10 “most wanted” list
– Last seen boarding a flight from Bulgaria to Greece in 2017 and has been missing ever since
– Ruja Ignatova charged with eight counts including wire fraud and securities fraud
– Ignatova believed to be hiding using fake identity documents and might have changed her appearance
– Scott’s lawyers have not yet responded to requests for comment on the matter


1. Summary of the OneCoin Crypto 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 the OneCoin crypto scam worth nearly $400 million. He was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud related to his participation in the OneCoin cryptocurrency fraud. The judge also ordered Scott to forfeit $392,940,000, along with several assets.

2. Scott’s Involvement in the OneCoin Scam

Scott became acquainted with Ruja Ignatova, co-founder of OneCoin, in 2015 and began establishing fake investment funds to launder millions of dollars in fraudulent proceeds in 2016. He received over $50 million for his involvement in the scheme, which he used to purchase luxury items such as cars, a yacht, and multiple seaside homes.

3. Legal Proceedings and Sentencing

Scott’s lawyers have not yet responded to requests for comment on the matter. Prosecutors sought a minimum of 17 years in prison for Scott, arguing that his actions were driven by greed and dissatisfaction with his luxurious lifestyle. He was disbarred by a New York state appellate court in November 2020.

4. Other Individuals Involved in the OneCoin Scam

Another co-founder of the OneCoin scheme, Karl Sebastian Greenwood, was sentenced to 20 years in prison and ordered to forfeit $300 million in September. Ruja Ignatova, also known as the “Cryptoqueen,” was added to the FBI’s top 10 “most wanted” list in July with a $100,000 reward for any information leading to her arrest. She has been missing since 2017 and is believed to be using fake identity documents.

5. Conclusion

Mark Scott has been sentenced to 10 years in prison for his involvement in the OneCoin crypto scam, along with a substantial forfeiture of assets. The legal proceedings and sentencing highlight the severe consequences of participating in fraudulent schemes. Additionally, the involvement of other individuals such as Karl Sebastian Greenwood and the continued search for Ruja Ignatova demonstrate the ongoing efforts to hold those responsible for the OneCoin scam accountable.

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