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

Mark Scott, a former partner at U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in Ruja Ignatova’s OneCoin crypto scam worth nearly $400 million.

According to Manhattan federal prosecutors, Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, related to his participation in the OneCoin cryptocurrency fraud.

U.S. District Judge Edgardo Ramos also ordered Scott to forfeit $392,940,000, along with several bank accounts, a yacht, two Porsche automobiles, and four real estate properties as part of his sentence. Manhattan U.S.

Attorney Damian Williams stated that Scott had boasted about earning $50 million by the age of 50 but achieved this through fraud and deception.

Williams added that Scott would now spend a decade in prison and forfeit all of his illicit proceeds.
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