Mark Scott, a former partner at Locke Lord, faces a substantial legal consequence as he has been handed a ten-year prison sentence for his involvement in a colossal $400 million cryptocurrency fraud scheme. This significant legal development unfolded during a sentencing hearing where Manhattan federal prosecutors secured his conviction on charges of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019.
During Thursday’s sentencing, U.S. District Judge Edgardo Ramos also mandated that Scott forfeit a staggering $392,940,000 in ill-gotten gains. The forfeiture includes various assets such as bank accounts, luxury items like a yacht and two Porsches, and four real estate properties.
Manhattan U.S. Attorney Damian Williams emphasized Scott’s financial success through fraudulent means, earning $50 million by the age of 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.”
Scott’s defense sought a more lenient five-year sentence, portraying him as a “broken man” who spent the last four years in home confinement. Prosecutors, on the other hand, pushed for a minimum of 17 years, highlighting Scott’s greed and dissatisfaction with his already opulent lifestyle.
Having played a pivotal role in setting up fake investment funds to launder millions of dollars in fraud proceeds, Scott’s involvement in the OneCoin scam dates back to 2015. His connection with OneCoin co-founder Ruja Ignatova, the “Cryptoqueen,” led to the laundering of substantial amounts in 2016, resulting in Scott receiving over $50 million for his participation.
Scott, who was disbarred in November 2020, was previously an international mergers and acquisitions and private equity partner at Locke Lord. The legal proceedings also shed light on the broader crackdown on individuals involved in the notorious OneCoin scheme, with other key players facing severe penalties and legal consequences.
