Mark Scott, a former partner at U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in a fraudulent cryptocurrency scheme amounting to nearly $400 million. The sentencing, announced by Manhattan federal prosecutors, marks a significant development in the legal battle against cryptocurrency fraud.
Conviction and Sentencing
Scott, aged 55 and residing in Coral Gables, Florida, was convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019. His conviction is linked to his role in the OneCoin cryptocurrency fraud, which implicated several individuals in a complex financial scheme.
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U.S. District Judge Edgardo Ramos, presiding over the case, also ordered Scott to forfeit assets totaling $392,940,000. This included various holdings such as bank accounts, a yacht, two Porsche automobiles, and four real estate properties. Prosecutors emphasized the extent of Scott’s illicit gains, stating that he had amassed considerable wealth through fraud.
Prosecutorial Remarks
Manhattan U.S. Attorney Damian Williams condemned Scott’s actions, highlighting his pursuit of wealth through deception. Williams remarked on Scott’s attainment of a $50 million fortune by fraud, underscoring the severity of his crimes. Scott’s sentencing, therefore, serves as a significant legal repercussion for his fraudulent activities.
Legal Proceedings and Defense
Scott’s legal team did not immediately respond to requests for comment following the sentencing. Scott sought a lesser sentence throughout the proceedings, citing his remorse and personal struggles. However, prosecutors pushed for a harsher penalty, citing Scott’s greed and lack of satisfaction despite his affluent lifestyle before his criminal involvement.
Background and Disbarment
Before his conviction, Scott had been an international mergers and acquisitions and private equity partner at Locke Lord from June 2015 to September 2016. However, in November 2020, a New York state appellate court disbarred Scott due to his criminal activities. The firm, Locke Lord, distanced itself from Scott’s actions, stating they were unaware of his illicit activities outside the firm.
Co-conspirators and Ongoing Investigations
Scott’s sentencing follows the conviction of other key figures involved in the OneCoin scheme. Karl Sebastian Greenwood, a co-founder, was sentenced to 20 years in prison earlier and was ordered to forfeit $300 million. Notably, Ruja Ignatova, the mastermind behind OneCoin and also known as the “Cryptoqueen,” remains at large despite being added to the FBI’s top 10 most wanted list in 2022.
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