OneCoin Lawyer Mark Scott handed a 10-year sentence

OneCoin Lawyer Mark Scott handed a 10-year sentence
фото показано с : invezz.com

2024-1-26 13:27

In a significant legal development, Mark Scott, a lawyer implicated in the notorious OneCoin cryptocurrency pyramid scheme, has been sentenced to 10 years in federal prison. This follows his conviction for bank fraud and money laundering related to the OneCoin project, which amassed nearly $4 billion between 2014 and 2016.

Scott’s sentencing marks a stern stance against fraudulent activities in the cryptocurrency industry, revealing the legal consequences faced by individuals involved in such schemes.

The OneCoin pyramid scheme

Mark Scott was convicted on charges of bank fraud and money laundering. In particular, Scott was found to have been involved in laundering $400 million from OneCoin’s co-founder, Ruja Ignatova.

The OneCoin project, initially touted as a cryptocurrency akin to Bitcoin, turned out to be a massive financial pyramid. Co-founders Ignatova and Carl Sebastian Greenwood promoted the scheme through an MLM network, amassing substantial funds. Scott’s defence claimed he was unaware of OneCoin’s fraudulent nature, but prosecutors argued that he had created an investment fund to process Ignatova’s funds, earning $50 million in the process.

The judge emphasized that the laundered money, now linked to Scott’s sentencing, was intended to compensate victims of the pyramid scheme.

Holding figures behind OneCoin accountable

Despite Scott’s plans to appeal, the legal battle against OneCoin figures continues, shedding light on the gravity with which authorities are treating cryptocurrency fraud.

Mark Scott’s sentencing is part of a broader legal crackdown on individuals associated with fraudulent activities within the crypto industry. This includes figures like Karl Sebastian Greenwood, sentenced to 20 years in prison last September, and Irina Dilkinska, former head of OneCoin’s legal department, facing a potential 10-year sentence for fraud and money laundering.

The OneCoin case exemplifies the increasing scrutiny and legal actions against individuals within the crypto space. Notably, other prominent figures such as Sam Bankman-Fried, Changpeng Zhao, and Alex Mashinsky have faced legal challenges related to their involvement in cryptocurrency firms.

Notably, the industry’s heightened regulatory focus underscores the imperative for compliance and ethical practices, signaling a pivotal moment in the pursuit of a more trustworthy crypto environment.

The post OneCoin Lawyer Mark Scott handed a 10-year sentence appeared first on Invezz

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onecoin scott mark lawyer related project bank

Источник: invezz.com

onecoin scott → Результатов: 26


Фото:

OneCoin Associate Tries to Dodge $400M Laundering Charges 

OneCoin associate Mark Scott was charged with two counts of money laundering totaling $400 million. Now, one of the enablers of Crypto’s biggest scam wants the charges against him dropped. OneCoin Aide Claims ‘Insufficient’ Evidence Mark Scott was found guilty by a jury last November of two counts of money laundering (wire fraud and bank fraud) for OneCoin and its elusive founder Ruja Ignatova totaling $400 million.

2020-2-5 16:00


Юрист OneCoin получил $50 млн за отмывание денег — прокуратура США

Сторона обвинения в деле американского юриста пирамиды OneCoin Марка Скотта, которого обвиняют в отмывании $400 млн, рассказала суду присяжных, что за свои услуги подсудимый получил $50 млн. Former Locke Lord LLP partner Mark S.

2019-11-21 13:00


OneCoin Head Paid Son of Former President George Bush $300,000 for Attending Crypto Meeting

OneCoin has been in the middle of a lot of legal trouble recently, considering the massive scam that the cryptocurrency has proven to be. Mark Scott, who formerly worked at the Locke Lord international firm as an attorney, is being tied into this trouble for allegedly conspiring with the creators of the Ponzi scheme to […]

2019-11-17 22:28


OneCoin Crypto Ponzi, Mark Scott and DOJ Case Goes Forward: Were Investors Victims?

In March 2019, the United States Attorney’s Office for the Southern District of New York issued a release announcing that the Manhattan U.S. Attorney will be charging the leaders of OneCoin. The release referred to OneCoin as a “pyramid scheme” that involves the sale of “fraudulent” crypto. According to a report by Finance Feeds, the […]

2019-10-23 19:12


Four Bank of Ireland Executives To Testify in $300 Million OneCoin Pyramid Scheme Case

Fresh news has emerged that witnesses belonging to the Bank of Ireland staff have been asked to bring upon testimonies against the perpetrators in the multi-dollar OneCoin pyramid scheme. According to reports, employees from the Bank were asked by the attorney to give a statement against Mark Scott. He is one of the main suspects […]

2019-10-1 16:28


Фото:

Bank of Ireland staff asked to testify in $300M OneCoin fraud case

As the multi-billion dollar OneCoin cryptocurrency pyramid scheme continues to tumble, news of witnesses set to testify against the scam’s perpetrators are now coming to light. According to Finance Feeds, employees of the Bank of Ireland have been asked to testify in the case against Mark Scott, one of the alleged figureheads of the $3 billion-plus OneCoin scam.

2019-9-30 17:30


OneCoin Officially Sued For Scamming ‘Thousands Upon Thousands’ in the US

OneCoin, the alleged Ponzi scheme, may have finally come to an end as a U. S. lawsuit indicting its founders and $4 billion revenues becomes formal. OneCoin: Class Action Demand By $103K Investor A class action document filed May 7 at the US Southern District Court of New York brings multiple charges against four executives behind OneCoin: brother and sister duo Konstantin Ignatov and Ruja Ignatova, Sebastian Greenwood and Mark Scott.

2019-5-9 16:00


Фото:

Here are the 3 ways OneCoin defrauded cryptocurrency investors for billions

The alleged ringleaders of OneCoin, the multi-billion dollar cryptocurrency-fuelled pyramid scheme, have finally been busted. On Friday, US authorities apprehended brother-and-sister duo Konstantin Ignatov and Ruja Ignatova at Los Angeles International Airport over their role in the international blockchain-based scam, reports Bloomberg.

2019-3-11 14:42


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