Former Partner Of Locke Lord LLP Convicted In Manhattan Federal Court Of Conspiracy To Commit Money

[TexasTowelie]

Former Partner Of Locke Lord LLP Convicted In Manhattan Federal Court Of Conspiracy To Commit Money Laundering And Bank Fraud In Connection With Scheme To Launder $400 Million Of OneCoin Fraud Proceeds


Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Cyrus R. Vance Jr., the District Attorney for New York County, announced the conviction today of MARK S. SCOTT, following a three-week trial before the Honorable Edgardo Ramos. SCOTT, a former equity partner at the law firm Locke Lord LLP, laundered approximately $400 million in proceeds of a massive international fraud scheme known as “OneCoin” through fraudulent investment funds that SCOTT set up and operated for that purpose. SCOTT was paid more than $50 million for his money laundering services, which he used to buy luxury cars, a yacht, and several seaside homes.

Manhattan U.S. Attorney Geoffrey S. Berman said: “Mark S. Scott, an equity partner at a prominent international law firm, used his specialized knowledge as an experienced corporate lawyer to set up fake investment funds, which he used to launder hundreds of millions of dollars of fraud proceeds. He lined his pockets with over $50 million of the money stolen from victims of the OneCoin scheme. Scott, who boasted of earning ‘50 by 50’ now faces 50 years in prison for his crimes.”

As reflected in the Indictment, documents previously filed in the case, and evidence introduced at trial:

“OneCoin” is a massive pyramid fraud scheme. OneCoin Ltd. was co-founded in or about 2014 by Ruja Ignatova, and is based in Sofia, Bulgaria. SCOTT was introduced to Ignatova in late 2015, and began laundering OneCoin fraud proceeds in 2016. Ignatova served as OneCoin’s top leader until her disappearance from public view, in or about October 2017.

OneCoin Ltd. operates as a multi-level marketing network through which members receive commissions for recruiting others to purchase cryptocurrency packages. OneCoin Ltd. has claimed to have over three million members worldwide, including victims living in the Southern District of New York. Records obtained in the course of the investigation show that, between the fourth quarter of 2014 and the third quarter of 2016 alone, OneCoin Ltd. generated €3.353 billion in sales revenue and earned “profits” of €2.232 billion. OneCoin continues to operate to this day.

Read more: https://www.justice.gov/usao-sdny/pr/former-partner-locke-lord-llp-convicted-manhattan-federal-court-conspiracy-commit-money