According to Manhattan federal prosecutors, 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 a $400 million fraudulent cryptocurrency 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 $392 Million Forfeiture
U.S. District Judge Edgardo Ramos, presiding over the case, also ordered Scott to forfeit $392,940,000 along with various assets, including bank accounts, a yacht, two Porsche automobiles, 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 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.”
Prosecutors outlined that Scott’s involvement began in 2015 when he was introduced to OneCoin co-founder Ruja Ignatova, known as the “Cryptoqueen.” Subsequently, he played a pivotal role in setting up fake investment funds to launder millions of dollars in fraud proceeds in 2016.
Scott received over $50 million for his participation, which he used to purchase luxury cars, a yacht, and several seaside homes.
Scott’s Defense Pleads for 5 Years
In a brief on Friday, Scott’s defense sought a five-year prison sentence, portraying him as a “broken man” who had spent the last four years in home confinement. However, prosecutors for a minimum of 17 years, emphasizing Scott’s greed and dissatisfaction with his already luxurious lifestyle as a partner at a prestigious law firm.
Scott, previously an international mergers and acquisitions and private equity partner at Locke Lord from June 2015 to September 2016, was disbarred by a New York state appellate court in November 2020. His lawyers have yet to respond to the recent developments.
Meanwhile, Karl Sebastian Greenwood, another co-founder of the OneCoin scheme,a 20-year prison sentence and was ordered to forfeit $300 million in September. Ruja Ignatova, the elusive “Cryptoqueen,” remains at large and was to the FBI’s top 10 most wanted list in 2022.