Jury Convicts OneCoin’s Lawyer in $3.7 Billion Crypto Pyramid Scheme

Michael LaVere
  • Mark Scott, the lawyer behind crypto pyramid scheme OneCoin, was convicted of laundering $400 million from the project.
  • Scott faces up to 50 years in prison for his role in the $3.7 billion crypto scam. 

The lawyer behind Ruja Ignatova’s infamous crypto Ponzi scheme OneCoin was found guilty of laundering $400 million in a jury ruling on November 21. 

According to the verdict published by federal prosecutors in the Southern District of New York on Thursday, Mark S. Scott has been found guilty of contributing to OneCoin’s “pyramid scheme” .

Prosecutors said this "massive pyramid fraud scheme" generated €3.353 billion in sales revenue between Q4 2014 and Q3 2016 alone.

Scott was convicted of laundering $400 million of the funds generated beginning in 2016. His conviction carries a potential sentencing of up to 50 years in prison. Sentencing is scheduled for 21 February 2020.

U.S. Attorney Geoffrey S. Berman said of Scott’s role in the OneCoin scam:

"Mark S. Scott, an equity partner at a prominent international law firm, used his specialized knowledge as an experienced corporate lawyer to set up fake investment funds, which he used to launder hundreds of millions of dollars of fraud proceeds.  He lined his pockets with over $50 million of the money stolen from victims of the OneCoin scheme.  Scott, who boasted of earning ‘50 by 50’ now faces 50 years in prison for his crimes."

Scott’s arrest occurred more than a year ago; other OneCoin suspects are being similarly pursued by international investigators. 

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