Former Locke Lord partner, Mark Scott, was convicted in 2019 on federal conspiracy to commit bank fraud and conspiracy to launder money charges. Last year, Scott was sentenced to 10 years in prison for his role in the $400 million cryptocurrency scheme and was ordered to turn over $392 million in assets. As with most convictions, Scott appealed.
Yesterday, an appeals court upheld Scott’s conviction and sentence, rejecting Scott’s claims that he was unaware of the nature of the OneCoin fraud.
Scott left his international mergers and acquisitions and private equity practice in Biglaw to work at OneCoin, and prosecutors say he had a key role in the plot to launder $400 million from the cryptocurrency. According to the government, Scott created shell companies, offshore accounts, and fraudulent investment funds on behalf of OneCoin to launder money in what has been described as, “classic Ponzi scheme with no blockchain or real underlying technology.”
Prosecutors said Scott made bank for his role at OneCoin, even bragging about making $50 million before he was 50 years old. U.S. Attorney Damian Williams said, “Indeed, 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.”
In 2017, as the scheme was unraveling and the investigation into OneCoin was heating up, “Cryptoqueen” Ruja Ignatova (the founder of OneCoin) disappeared after boarding a plane to Athens. Theories have circulated that Ignatova was murdered on the orders of Hristoforos Nikos Amanatidis, known as Taki, an underworld figure also linked to Ignatova’s escape. She remains on the FBI’s 10 most wanted list, and the agency has said they operate on the assumption Ignatova is alive.
Earlier: Former Biglaw Partner Sentenced To 10 Years In Prison For Crypto Scam
Former Biglaw Partner Convicted In Cryptocurrency Scam
Former Biglaw Partner Indicted On Charges Related To Cryptocurrency Ponzi Scheme
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
The post Former Biglaw Partner Loses Appeal On Crypto Scam Conviction appeared first on Above the Law.
Former Locke Lord partner, Mark Scott, was convicted in 2019 on federal conspiracy to commit bank fraud and conspiracy to launder money charges. Last year, Scott was sentenced to 10 years in prison for his role in the $400 million cryptocurrency scheme and was ordered to turn over $392 million in assets. As with most convictions, Scott appealed.
Yesterday, an appeals court upheld Scott’s conviction and sentence, rejecting Scott’s claims that he was unaware of the nature of the OneCoin fraud.
Scott left his international mergers and acquisitions and private equity practice in Biglaw to work at OneCoin, and prosecutors say he had a key role in the plot to launder $400 million from the cryptocurrency. According to the government, Scott created shell companies, offshore accounts, and fraudulent investment funds on behalf of OneCoin to launder money in what has been described as, “classic Ponzi scheme with no blockchain or real underlying technology.”
Prosecutors said Scott made bank for his role at OneCoin, even bragging about making $50 million before he was 50 years old. U.S. Attorney Damian Williams said, “Indeed, 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.”
In 2017, as the scheme was unraveling and the investigation into OneCoin was heating up, “Cryptoqueen” Ruja Ignatova (the founder of OneCoin) disappeared after boarding a plane to Athens. Theories have circulated that Ignatova was murdered on the orders of Hristoforos Nikos Amanatidis, known as Taki, an underworld figure also linked to Ignatova’s escape. She remains on the FBI’s 10 most wanted list, and the agency has said they operate on the assumption Ignatova is alive.
Earlier: Former Biglaw Partner Sentenced To 10 Years In Prison For Crypto Scam
Former Biglaw Partner Convicted In Cryptocurrency Scam
Former Biglaw Partner Indicted On Charges Related To Cryptocurrency Ponzi Scheme
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
