Mark Scott, a lawyer linked to the controversial crypto token Onecoin, has been sentenced to a decade in prison. He is accused of laundering $400 million from the Onecoin project to support a lavish lifestyle.
The judge scrutinized his choice to sell his Porsche and transfer funds to the Cayman Islands, contending that these funds should have been directed towards compensating Onecoin victims.
OneCoin Lawyer Mark Scott Pleads Innocence
Between 2014 and 2016, OneCoin, led by co-founder Ruta Ignatova, amassed over $4 billion. Ignatova, the elusive “Cryptoqueen,” has remained undiscovered since her disappearance six years ago.
In June 2022, she was added to the FBI’s top ten most wanted list. Meanwhile, the other co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison, in September 2023.
However, Scott’s defense lawyers have reiterated his claims of ignorance throughout the trial. They asserted he was unaware that OneCoin was a fraudulent scheme.
Meanwhile, the prosecution, however, argued that Scott made $50 million setting up a fake investment fund to process money for Ignatova.
A recent series of posts on X (formerly Twitter) revealed Scott redacting names of supportive clients in the courtroom. Allegedly, he sold his sports car to cover living expenses, but the judge contended these funds should have been directed towards compensating OneCoin victims.
“Scott sold his Porsche for $250,000 after getting the forfeiture bill of particulars. He also wired $300,000 to Cayman Island account, for Cape Cod properties.”
Scott plans to appeal the sentence, asserting that he became aware of the scam solely through a blog post.
Read more: What Is a Rug Pull? A Guide to the Web3 Scam
OneCoin Ex-Employees in Ongoing Legal Battles
In November 2023, BeInCrypto reported that Irina Dilkinska, the former Head of Legal and Compliance at OneCoin, pleaded guilty to wire fraud and money laundering charges.
Read more: Crypto Social Media Scams: How to Stay Safe
However, Dilkinska, instead of ensuring legal compliance for OneCoin, played a key role in laundering money. This included transferring $110 million of fraudulently obtained proceeds to a Cayman Islands entity.
Now, Dilkinska faces up to five years in prison for each count of conspiracy to commit wire fraud and money laundering.
Meanwhile, her sentencing date is scheduled for February 14, 2024.
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