Onecoin Lawyer Mark Scott Sentenced to 10 Years for Money Laundering

Mark Scott, a lawyer entangled successful the infamous Onecoin cryptocurrency fraud, was sentenced to 10 years successful situation by the U.S. District Court. The sentencing comes aft a 2019 conviction.

Onecoin Lawyer Mark Scott Receives Decade-Long Prison Sentence

Mark Scott, a lawyer associated with the infamous crypto firm, was sentenced to a decennary successful prison. Scott faced charges of slope fraud and wealth laundering successful transportation to the Onecoin scheme. This sentencing, handed down by U.S. District Judge Edgardo Ramos connected Jan. 25, follows his November 2019 condemnation connected 2 felony counts.

According to Inner City Press, which reported unrecorded from the courtroom, the sentencing revealed details of Scott’s attempts to negociate his assets pursuing the conviction. Notably, helium sold a Porsche for $250,000 and transferred $300,000 to an relationship successful the Cayman Islands. These actions were brought up by the Assistant U.S. lawyer arsenic efforts to support assets from forfeiture, which were meant to compensate Onecoin victims.

The prosecution pushed for a minimum 17-year sentence, owed to Scott’s conscious engagement successful laundering millions for Onecoin. Scott’s defence argued for leniency, citing his deficiency of anterior cognition astir Onecoin’s fraudulent quality and presenting a plea for a five-year sentence, comparable to the sentencing of different defendants successful the case, like Irina Dilkinska.

Judge Ramos, acknowledging the gravity of the discourtesy and its interaction connected Onecoin victims, imposed a 10-year sentence, a compromise betwixt the prosecution’s and defense’s recommendations. Before the sentencing, Scott expressed sympathy for the victims of Onecoin’s scheme, a sentiment noted by the tribunal but insufficient to importantly mitigate his sentence.

The Onecoin saga continues to unravel, with important figures similar Onecoin co-founder Ruja Ignatova, often referred to arsenic the “Cryptoqueen” inactive astatine ample and others, including Sebastian Greenwood, already sentenced for their roles successful the fraudulent operation.

Onecoin, founded successful 2014 by Ignatova, was promoted arsenic a cryptocurrency token but lacked a genuine blockchain, functioning alternatively arsenic a multi-level selling scheme. It lured investors with the committedness of important returns, lone to wage older investors with funds from caller ones, a classical hallmark of a Ponzi scheme.

Do you hold with the sentencing by the U.S. District Judge? Share your thoughts and opinions astir this taxable successful the comments conception below.