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    Home » Mark Scott, Lawyer in $400 Million OneCoin Crypto Scam, Sentenced to 10 Years in Prison
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    Mark Scott, Lawyer in $400 Million OneCoin Crypto Scam, Sentenced to 10 Years in Prison

    Scott's involvement made him one of the initial high-profile figures linked to OneCoin, a notorious cryptocurrency scam recognized as one of the largest in history.
    News DeskBy News DeskJanuary 31, 2024
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    Mark Scott, the lawyer implicated in the $400 million OneCoin cryptocurrency scam, has been handed a ten-year prison sentence after being found guilty of two counts related to bank fraud and money laundering in 2019.

    The sentencing took place yesterday, presided over by Judge Edgardo Ramos of the US District Court for the Southern District of New York, following several delays in the case.

    Prosecutors had sought a 17-year sentence, while the defense aimed for a five-year term.

    Scott’s involvement made him one of the initial high-profile figures linked to OneCoin, a notorious cryptocurrency scam recognized as one of the largest in history.

    He played a key role in laundering a staggering sum, utilizing multiple accounts to channel funds through the Cayman Islands, the British Virgin Islands, and ultimately to the United Arab Emirates.

    Prosecutors estimate that he personally profited to the tune of $50 million from laundering OneCoin proceeds.

    Throughout the trial, Scott maintained that he had no knowledge of OneCoin’s fraudulent nature. Before his sentencing, he expressed sympathy for the victims of the scam.

    OneCoin, headquartered in Bulgaria, swindled victims worldwide out of over $4 billion.

    Operating as a multi-level marketing scheme, it defrauded individuals even in the most remote parts of the Pacific.

    Records show that between Q4 2014 and Q4 2016, the scheme generated €4.037 billion in sales revenue, with €2.735 billion in profits.

    Apart from Mark Scott, US prosecutors have pursued legal action against other prominent individuals connected to the fraudulent scheme.

    Last year, OneCoin’s Co-Founder, Karl Greenwood, was sentenced to 20 years in prison after pleading guilty to wire fraud.

    Irina Dilkinska, the former Compliance Head of OneCoin, also admitted to wire fraud and money laundering charges.

    Notably, OneCoin’s mastermind, Ruja Ignatova, known as the ‘Cryptoqueen,’ remains at large. She vanished from the public eye in October 2017, flying from Bulgaria to Greece.

    Her name is now featured on the FBI’s top ten “Most Wanted” list, with a $100,000 reward for information leading to her arrest. She is also among Europe’s most wanted fugitives.

    Prior to Scott’s recent sentencing, his lawyers had appealed for a new trial, citing false testimony from a government witness, Konstantin Ignatov, Ruja Ignatova’s brother. Ignatov had pleaded guilty to his role in OneCoin and was cooperating with prosecutors.

    In light of the ongoing prevalence of online financial fraud, a joint survey by FXStreet and the Finance Magnates Group is currently underway.

    The survey seeks to understand the various types of online financial fraud, the platforms used for fraudulent activities, the effectiveness of countermeasures, and the challenges faced by companies in combating financial fraud.

    Valuable insights gathered will inform future strategies and resource allocation in the fight against financial fraud.

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