Mark Scott, once a respected partner at the renowned law firm Locke Lord, has been handed a 10-year prison sentence by Manhattan federal prosecutors. The sentencing, which occurred on Thursday, comes as a result of Scott’s involvement in a massive fraudulent cryptocurrency scheme, totaling $400 million. In November 2019, Scott was found guilty of both conspiracy to commit money laundering and conspiracy to commit bank fraud. U.S. District Judge Edgardo Ramos, who presided over the case, not only ordered Scott to serve time in prison but also to forfeit an astounding $392,940,000, along with numerous valuable assets such as bank accounts, a yacht, two Porsche automobiles, and four real estate properties.
Manhattan U.S. Attorney Damian Williams stressed Scott’s illicit achievements in his statement, highlighting how he managed to amass a considerable fortune of $50 million by the age of 50 through fraudulent means. Williams asserted, “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.”
The prosecutors outlined that Scott’s involvement began in 2015 when he was introduced to Ruja Ignatova, the co-founder of OneCoin, famously known as the “Cryptoqueen.” From there, he played a crucial role in establishing bogus investment funds to launder millions of dollars in fraudulent proceeds in 2016. Scott personally received over $50 million for his participation, utilizing the ill-gotten gains to indulge in luxury items such as high-end cars, a luxurious yacht, and several exquisite seaside properties.
In a bid to advocate for a more lenient sentence, Scott’s defense team submitted a brief requesting a five-year prison term. They portrayed Scott as a “broken man” who had endured four years of home confinement. However, the prosecutors vehemently pushed for a minimum sentence of 17 years, highlighting Scott’s insatiable greed and dissatisfaction with his already opulent lifestyle as a partner at a prestigious law firm.
A Disgraced Partnership and an Ongoing Investigation
Prior to his involvement in the OneCoin scheme, Mark Scott had an illustrious career as an international mergers and acquisitions and private equity partner at Locke Lord from June 2015 to September 2016. However, in November 2020, he was disbarred by a New York state appellate court. Scott’s lawyers have yet to respond to the recent developments surrounding his sentencing.
Meanwhile, Karl Sebastian Greenwood, another co-founder of the OneCoin scheme, received a 20-year prison sentence in September and was ordered to forfeit $300 million. As for Ruja Ignatova, the elusive “Cryptoqueen,” she remains at large and was added to the FBI’s top 10 most wanted list in 2022.
The downfall of Mark Scott serves as a stark reminder of the consequences that can befall those who engage in fraudulent activities. His conviction and subsequent prison sentence highlight the severity of such crimes and the commitment of law enforcement agencies to bring the perpetrators to justice. As the investigation into the OneCoin scheme continues, the story unfolds, shedding light on the murky world of cryptocurrency fraud and the individuals who ultimately pay the price for their deceit.