OneCoin Fraudster Mark Scott Sentenced to 10 Years in Prison for Laundering $400 Million

Former law firm partner, Mark Scott, has been sentenced to 10 years of imprisonment for $400 million worth of money laundering in proceeds from the notorious OneCoin fraud. The filing delves into the details of Scott’s involvement and the elaborate money laundering scheme.

Details of The Filing

The United States Attorney’s Office for the Southern District of New York has issued a press release announcing the imprisonment term of Mark Scott.

Mark Scott, a former equity partner at Locke Lord LLP, has been sentenced to a decade in prison for his role in laundering approximately $400 million from the OneCoin fraud scheme. The sentencing followed Scott’s conviction on all counts in November 2019.

His Crime

The OneCoin scheme, which operated from 2014 to 2016, made itself one of the largest Ponzi schemes ever, running through a global multi-level marketing network.

Scott introduced to OneCoin’s co-founder Ruja Ignatova in 2015, played a pivotal role in disguising $400 million in fake private equity funds, known as the “Fenero Funds,” as investments from wealthy European families. This money represented proceeds from the OneCoin fraud.

Scott utilized the intricate layers of transactions through various bank accounts and misled financial institutions globally, causing them to transfer OneCoin proceeds and evade anti-money laundering measures.

Despite OneCoin having no actual value, Scott earned over $50 million through his money laundering activities, which he spent on luxury watches, a Ferrari, Porsches, a 57-foot Sunseeker yacht, and multimillion-dollar homes in Cape Cod, Massachusetts.

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In Conclusion

Mark Scott’s sentencing highlights the legal repercussions faced by individuals involved in fraudulent cryptocurrency schemes. The article emphasizes the extent of Scott’s deception and the severe consequences he now faces.