According to federal prosecutors in Manhattan, Mark Scott, a former partner at US law firm Locke Lord, has been sentenced to 10 years in prison for his role in a $400 million cryptocurrency fraud scheme.
The sentencing took place on Thursday and Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, linked to his role in the OneCoin cryptocurrency fraud.
Judge orders confiscation of 392 million dollars
U.S. District Judge Edgardo Ramos, who is presiding over the case, also ordered Scott to forfeit $392,940,000 along with various assets, including bank accounts, a yacht, two Porsche cars and four real estate properties, as part of the sentence.
Manhattan U.S. Attorney Damian Williams emphasized in a statement that Scott, now 55 and residing in Coral Gables, Florida, achieved financial success through fraud and deception, earning $50 million by age 50.
Williams stated: "Scott achieved his goal, but through fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all his illegal gains."
Prosecutors highlighted that Scott's involvement began in 2015 when he was introduced to OneCoin co-founder Ruja Ignatova, known as the "Cryptoqueen." He later played a key role in creating fake investment funds to launder millions of dollars in fraud in 2016.
Scott received more than $50 million for his participation, which he used to buy luxury cars, a yacht and several seaside homes.
Scott's defense asks for 5 years
in a short archived On Friday, Scott's defense requested a five-year prison sentence, portraying him as a "broken man" who had spent the past four years in house arrest. However, prosecutors pushed for a minimum of 17 years, emphasizing Scott's greed and dissatisfaction with his already lavish lifestyle as a partner at a prestigious law firm.
Scott, previously a private equity and international M&A partner at Locke Lord from June 2015 to September 2016, was disbarred by a New York state appeals court in November 2020. His lawyers have not yet responded to the recent events.
Meanwhile, Karl Sebastian Greenwood, another co-founder of the OneCoin scheme, received sentenced to 20 years in prison and ordered to confiscate $300 million in September. Ruja Ignatova, the elusive "Cryptoqueen", is still at large and was aggregate to the FBI's 10 Most Wanted list in 2022.
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