OneCoin Lawyer Sentenced to 10 Years in Prison for Money Laundering

Mark Scott, a former attorney and OneCoin crypto scheme money launderer has been sentenced to 10 years in prison after being convicted of conspiracy to commit bank fraud and money laundering in 2019. 

A federal judge sentenced Mark Scott, a lawyer responsible for laundering money through the OneCoin crypto scheme, to 10 years in prison following a January 25 hearing. Scott was convicted of two felony counts related to bank fraud and money laundering in 2019. 

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According to reports by the Inner City Press, Judge Edgardo Ramos sentenced Mark Scott to 10 years imprisonment for his role in the controversial OneCoin crypto scheme. Scott has been awaiting sentencing since his conviction of conspiracy to commit bank fraud and money laundering in 2019. He is accused of laundering $400 million from the OneCoin project to support a lavish lifestyle. It was found that Scott personally profited around $50 million for his money laundering activities.

According to reports by Bloomberg Law, Scott is “one of the most prolific money launderers ever prosecuted.” 

OneCoin was founded by the infamous “Cryptoqueen” Ruja Ignatova in 2014. The scam would incentivize buyers with a commission if they managed to sell the OneCoin cryptocurrency to more people – essentially a pyramid scheme that swindled over $4 billion from investors. Ignatova has not been seen in six years and has been placed on the FBI’s list of top ten most wanted fugitives. 

In September 2023, Karl Sebastian Greenwood, one of the co-founders of OneCoin, was sentenced to 20 years in prison for orchestrating one of the largest crypto frauds in history. 

In addition to Scott, Greenwood, and Ignatova, Ignatova’s brother Konstantin was arrested on money laundering charges in 2019 but pled guilty. 

Scott Claimed Ignorance  

During the trial, Scott’s defence lawyers maintained he was ignorant of wrongdoing, claiming he was unaware OneCoin was a scam. Prosecutors asked the court to hand down a minimum sentence of 17 years, while his legal team recommended only a five-year sentence. Before his sentencing, Scott reportedly expressed sympathy for OneCoin’s victims. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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