Attorney Mark Scott Found Guilty of Helping OneCoin Founder Launder $400M

Wilfred Michael 

Wilfred Michael

News reporter

21 November 2019,
Attorney Mark Scott Found Guilty of Helping OneCoin Founder Launder $400M

Mark S. Scott, a former corporate partner for the U.S law firm, Locke Lord LLP, was found guilty of helping Ruja Ignatova, founder of the now-defunct cryptocurrency OneCoin, to launder $400 million. 

Per a report by Law360, a Manhattan jury consisting of six men and six women took four hours on Thursday to announce Scott’s conviction following a trial before U.S District Judge, Edgardo Ramos. Scott was first arrested for the offense in 2018.

He was accused of helping the OneCoin founder by creating fake investment companies that allowed the then Bulgaria-based OneCoin to move money to Ignatova and other business associates.

Prosecutors further alleged that Scott took as much as $50 million to help Ignatova launder around $400 million during the period that the scheme lasted.

In his defense, though, Scott’s attorney argued that their client was only helping Ignatova as her lawyer to defend her interests and also that he was not aware that OneCoin was fraudulent activity.

The jury did not accept any of Scott’s contention but went ahead to pass the verdict, with a Feb. 21 sentencing date announced by Judge Ramos. The Judge also reportedly tightened bail conditions for Scott but did not approve a prosecution request that would have seen the now guilty lawyer spend time in jail for the offense.

Meanwhile, as has reported in the past, OneCoin’s Ruja Ignatova remains at large since 2017, although her brother Konstantin Ignatova is under the custody of the U.S authorities.

Although the OneCoin fraud has already been busted, it appears that every day, victims of the infamous pyramid scheme continue to show up. 

In May, it was alleged that members and ministers of the Samoa Worship Centre, a church in the Pacific nation of Samoa, bought OneCoin tokens and even promoted the project to the congregation.


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