Mark Scott, the OneCoin fraudster, handed a 10-year prison sentence for laundering $400 million.

Mark Scott, a former partner at the law firm Locke Lord LLP, has been handed a 10-year prison sentence for his involvement in laundering $400 million from the infamous OneCoin fraud. The sentencing comes after Scott was found guilty on all charges in November 2019.

The OneCoin scheme, which operated between 2014 and 2016, became one of the largest Ponzi schemes in history, operating through a global multi-level marketing network. Scott, who was introduced to OneCoin’s co-founder Ruja Ignatova in 2015, played a crucial role in disguising $400 million in fake private equity funds, known as the “Fenero Funds,” as investments from wealthy European families. This money constituted the proceeds from the OneCoin fraud.

To carry out the money laundering, Scott used complex layers of transactions across multiple bank accounts and deceived financial institutions worldwide, enabling the transfer of OneCoin proceeds while evading anti-money laundering measures.

Despite the fact that OneCoin held no real value, Scott managed to make over $50 million through his illicit activities. He spent this money on luxury watches, a Ferrari, Porsches, a 57-foot Sunseeker yacht, and multimillion-dollar homes in Cape Cod, Massachusetts.

This sentencing of Mark Scott serves as a stark reminder of the legal consequences faced by individuals involved in fraudulent cryptocurrency schemes. It highlights the extent of Scott’s deceit and the severe penalties he now faces.