OneCoin Lawyer Faces 10 Years in Prison for Money Laundering

The reason for Mark Scotts’s imprisonment is his involvement in laundering millions of dollars through OneCoin.

A federal judge sentenced a lawyer involved in money laundering through the OneCoin cryptocurrency scheme to ten years in prison following a hearing on January 25.

Mark Scott has been sentenced to 10 years in prison by Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York. The reason for his imprisonment is his involvement in laundering millions of dollars through OneCoin, as per reports.

The lawyer has not yet been sentenced after being found guilty in November 2019 of conspiring to commit bank fraud and conspiring to commit money laundering.

The prosecution insisted that Scott receive a minimum sentence of 17 years, but the defense team suggested a sentence of only five years in prison. Before being convicted, he allegedly expressed sympathy for the victims of OneCoin.

Scott assisted “Cryptoqueen” Ruja Ignatova of OneCoin with her money laundering. In 2014, she and Karl Sebastian Greenwood co-founded the cryptocurrency company. Ignatova was still on the loose at the time of publication, despite being connected to the OneCoin scheme.

In September 2023, Greenwood was found guilty of fraud and money laundering, received a 20-year sentence, and was mandated to reimburse the victims of OneCoin with $300 million. The former chief compliance officer of OneCoin, Irinia Dilkinska, entered a guilty plea to two felonies in November 2023. Her sentencing is set for February.

According to reports, Scott’s attorneys planned to ask for bail while the sentencing ruling was being appealed.

The OneCoin lawyer is one of several well-known figures in the cryptocurrency industry who could spend years behind bars for their alleged roles in money laundering or fraud schemes, along with former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and former Celsius CEO Alex Mashinsky.

Also Read: Mishcon De Reya To Sue On Behalf Of OneCoin Victims

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