In a shocking turn of events, Mark Scott, a former partner at a prestigious U.S. law firm, Locke Lord, has been sentenced to 10 years in prison for his role in a massive $400 million cryptocurrency scheme. Manhattan federal prosecutors revealed that Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, specifically related to his involvement in the notorious OneCoin cryptocurrency fraud.
Scott’s sentencing, which took place on Thursday, unfolded in Manhattan. U.S. District Judge Edgardo Ramos not only handed down a decade-long prison term but also ordered Scott to forfeit an astonishing $392,940,000. Additionally, the judge demanded the surrender of various assets belonging to Scott, including bank accounts, a yacht, two Porsche automobiles, and four real estate properties.
Manhattan U.S. Attorney Damian Williams underscored the gravity of Scott’s actions, emphasizing that his financial success was built on a foundation of fraud and deception. Williams highlighted Scott’s illicit $50 million earnings by the age of 50, 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.”
Prosecutors outlined that Scott’s involvement with the OneCoin cryptocurrency fraud began in 2015 when he was introduced to Ruja Ignatova, also known as the “Cryptoqueen” and OneCoin co-founder. Scott played a crucial role in setting up fictitious investment funds in 2016, facilitating the laundering of millions of dollars obtained through fraudulent means. In return for his participation, Scott received over $50 million, which he utilized to acquire luxury cars, a yacht, and several seaside homes.
Seeking a lesser sentence, Scott’s defense team filed a brief requesting a five-year prison term. They presented him as a “broken man” who had already endured four years of home confinement. However, prosecutors vehemently pushed for a minimum of 17 years, emphasizing Scott’s insatiable greed and dissatisfaction with his already opulent lifestyle as a partner at a renowned law firm.
It is worth noting that Scott was disbarred by a New York state appellate court in November 2020. His disbarment is a testament to the severity of his actions and the loss of trust within the legal community. As of now, his lawyers have not responded to the recent developments surrounding his sentencing.
Meanwhile, another co-founder of the OneCoin scheme, Karl Sebastian Greenwood, faced a 20-year prison sentence and was ordered to forfeit $300 million in September. The mastermind behind the entire operation, Ruja Ignatova, remains at large and was even added to the FBI’s top 10 most wanted list in 2022, cementing her status as a fugitive from justice.
The sentencing of Mark Scott serves as a stark reminder that even those in esteemed positions can succumb to the allure of illicit gains. This case underscores the lengths to which individuals will go in pursuit of financial success, disregarding the well-being of others and the consequences of their actions. Let this be a cautionary tale for all, highlighting the importance of integrity and ethical conduct in the world of finance and beyond.