Former OneCoin lawyer, Mark Scott, has received a ten-year jail sentence after spearheading a fraudulent $400m cryptocurrency scheme. 55-year-old Scott was sentenced in Manhattan after he was found guilty of several charges, including conspiracy to commit bank fraud and money laundering five years ago.
OneCoin lawyer Mark Scott given 10-year prison sentence
OneCoin was a digital currency scheme founded in 2014 that was eventually found to be a fraudulent Ponzi scheme. Scott was one of the most high-profile individuals involved in the scam. The co-founder of OneCoin, Karl Sebastien Greenwood, is already behind bars after he was handed down a 20-year sentence in September last year.
Both men have forfeited vast sums of money following their prison sentences. U.S. District Judge Edgardo Ramos ordered Scott to give up more than $392m across four bank accounts, a luxury yacht, two Porsches and four houses. Greenwood forfeited $300m.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
It might not be the last prison sentence for fugitives involved with OneCoin. Another co-founder, Ruja Ignatova, remains at large and was recently on the FBI’s most-wanted list. Scott became involved with OneCoin after meeting Ignatova, once dubbed the “cryptoqueen”, in 2015. A plan to launder millions of dollars through fraudulent activities was hatched twelve months later.
Scott’s sentence is perhaps lenient, considering prosecutors pursued a longer 17-year term after citing his “greed” and luxurious lifestyle in home confinement. A brief filed by Scott last week countered that narrative by claiming he was a “broken man” and should only be imprisoned for five years. He was eventually sentenced on Thursday and will begin a ten-year jail sentence.
