10-Year Prison Sentence for Lawyer in $400M OneCoin Crypto Fraud

Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in the OneCoin cryptocurrency scam. The sentence, handed down by U.S. District Judge Edgardo Ramos, also includes an order for Scott to forfeit assets totaling $392,940,000. These assets include bank accounts, a yacht, two Porsche vehicles, and four real estate properties.

Manhattan federal prosecutors announced the sentencing, linking Scott’s criminal activities to the larger $400 million fraudulent scheme. He was found guilty of conspiracy to commit both money laundering and bank fraud in November 2019. His involvement began in 2015 when he met OneCoin co-founder Ruja Ignatova, known as the “Cryptoqueen.” Scott played a crucial role in laundering millions through fake investment funds in 2016.

Manhattan U.S. Attorney Damian Williams highlighted Scott’s fraudulent journey to wealth, stating, “Scott accomplished his goal, but by fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all of his illegal proceeds.” For his role in the scheme, Scott received over $50 million, which he used to fund a luxurious lifestyle.

While Scott’s defense team argued for a five-year sentence, portraying him as a “broken man” under four years of home confinement, prosecutors pushed for a minimum of 17 years, citing his greed and lavish lifestyle as a Locke Lord partner.

Scott was disbarred by a New York state appellate court in November 2020. There has been no response from his lawyers regarding the recent sentence.

Meanwhile, Karl Sebastian Greenwood, another co-founder of OneCoin, was sentenced to 20 years in prison in September, with a forfeiture order of $300 million. The “Cryptoqueen,” Ruja Ignatova, remains at large and was added to the FBI’s top 10 most wanted list in 2022.