Updated January 26th, 2024 at 12:05 IST

OneCoin money laundering scheme lawyer sentenced to 10 years in prison

Prosecutors had sought a minimum sentence of 17 years for Scott, while his defence team recommended a five-year sentence.

Reported by: Business Desk
Ruja Ignatova | Image:Linkedin
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OpenCoin fraud: A Federal judge, Edgardo Ramos of the US District Court for the Southern District of New York in a hearing on January 25, sentenced lawyer Mark Scott to 10 years in prison for his involvement in money laundering through the OneCoin cryptocurrency scheme. Scott had been convicted of conspiracy to commit bank fraud and conspiracy to commit money laundering in November 2019.

According to media reports, prosecutors had sought a minimum sentence of 17 years for Scott, while his defence team recommended a five-year sentence. Before being sentenced, Scott expressed sympathy for the victims of the OneCoin scheme.

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Mark Scott worked with OneCoin, laundering funds at the direction of the co-founder, ‘Cryptoqueen’ Ruja Ignatova, who, along with Karl Sebastian Greenwood, established the cryptocurrency firm in 2014. As of the latest information, Ignatova remains at large.

Greenwood was sentenced to 20 years on fraud and money laundering charges in September 2023 and ordered to pay $300 million in restitution to OneCoin victims. Irinia Dilkinska, the former chief compliance officer at OneCoin, pleaded guilty to two felony counts in November 2023, with sentencing scheduled for February.

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Scott's legal team reportedly plans to request bail pending an appeal of the sentencing decision. This case adds to the list of individuals associated with cryptocurrency firms facing significant prison terms for their alleged roles in money laundering or fraud schemes, including figures like former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and former Celsius CEO Alex Mashinsky.

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Published January 26th, 2024 at 12:05 IST