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<p>The post <a href="https://coinpedia.org/news/onecoin-fraudster-mark-scott-sentenced-to-10-years-in-prison-for-laundering-400-million/" rel="noopener noreferrer nofollow">OneCoin Fraudster Mark Scott Sentenced to 10 Years in Prison for Laundering $400 Million</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Former law firm partner, Mark Scott, has been sentenced to 10 years of imprisonment for $400 million worth of money laundering in proceeds from the notorious OneCoin fraud. The filing delves into the details of Scott’s involvement and the elaborate money laundering scheme.</p>
<h2 class="wp-block-heading" id="h-details-of-the-filing-nbsp"><strong>Details of The Filing&nbsp;</strong></h2>
<p>The United States Attorney’s Office for the Southern District of New York has issued a<a href="https://www.justice.gov/usao-sdny/pr/former-law-firm-partner-sentenced-10-years-prison-laundering-400-million-onecoin-fraud#:~:text=Damian%20Williams%2C%20the%20United%20States,scheme%20known%20as%20%E2%80%9COneCoin.%E2%80%9D" rel="noopener noreferrer nofollow"> press release</a> announcing the imprisonment term of Mark Scott.</p>
<p>Mark Scott, a former equity partner at Locke Lord LLP, has been sentenced to a decade in prison for his role in laundering approximately $400 million from the OneCoin fraud scheme. The sentencing followed Scott’s conviction on all counts in November 2019.</p>
<h2 class="wp-block-heading" id="h-his-crime"><strong>His Crime</strong></h2>
<p>The OneCoin scheme, which operated from 2014 to 2016, made itself one of the largest Ponzi schemes ever, running through a global multi-level marketing network.&nbsp;</p>
<p>Scott introduced to OneCoin’s co-founder Ruja Ignatova in 2015, played a pivotal role in disguising $400 million in fake private equity funds, known as the “Fenero Funds,” as investments from wealthy European families. This money represented proceeds from the OneCoin fraud.</p>
<p>Scott utilized the intricate layers of transactions through various bank accounts and misled financial institutions globally, causing them to transfer OneCoin proceeds and evade anti-money laundering measures.&nbsp;</p>
<p>Despite OneCoin having no actual value, Scott earned over $50 million through his money laundering activities, which he spent on luxury watches, a Ferrari, Porsches, a 57-foot Sunseeker yacht, and multimillion-dollar homes in Cape Cod, Massachusetts.</p>
<p>Also Read: <a href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-more-pain-ahead-as-small-holders-join-whales-in-btc-liquidations/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: More Pain Ahead as Small Holders Join Whales in BTC Liquidations</a></p>
<h2 class="wp-block-heading" id="h-in-conclusion"><strong>In Conclusion</strong></h2>
<p>Mark Scott’s sentencing highlights the legal repercussions faced by individuals involved in fraudulent cryptocurrency schemes. The article emphasizes the extent of Scott’s deception and the severe consequences he now faces.</p>

OneCoin Fraudster Mark Scott Sentenced to 10 Years in Prison for Laundering $400 Million

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