Mark S. Scott would have earned more than $50 million by laundering some of OneCoin’s illicit proceeds
A jury of five New York City judges formally disbarred Mark S. Scott, former attorney at Locke Lord LLP and defender of the notorious fraudster Ruja Ignatova, known as „Cryptoqueen“, after his conviction in November 2019 on charges Bitcoin Up scam of multi-billion dollar OneCoin fraud.
Scott was convicted of conspiracy to commit money laundering and bank fraud, but he opposed his disbarment, arguing that he has an out-of-court motion pending that would require an acquittal or retrial.
The judges of the Third Committee rejected these arguments, stating that „If the defendant’s out-of-court motion or potential future appeal were successful, he could ask for the sanction imposed by this court to be set aside.
Co-founded by Ignatova in the mid-1910s, the OneCoin pyramid scheme operated as a classic multi-level marketing scam: the platform offered commissions for those who managed to recruit investors for the new, big crypto-currency, but often the funds went straight into the pockets of Ignatova, now a fugitive.
For his part, Scott was convicted of helping to launder nearly $400 million for Ignatova, earning over $50 million in commissions. According to the prosecutors, Scott boasted of his income: „50 to 50“, referring to his wealth and age. Scott allegedly used the money to buy cars, a boat and several houses in seaside locations.
As previously reported by Cointelegraph, the OneCoin saga and its characters will become the subject of a film starring Kate Winslet, as well as a BBC television show.
Scott, who is currently exempt from prison for health reasons, is currently awaiting sentencing, scheduled for December 2020. He faces up to 50 years‘ imprisonment.
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