Mark Scott, a former Locke Lord partner, was convicted of conspiracy to commit bank fraud and money laundering in connection with the OneCoin scheme, a fraudulent cryptocurrency operation. He was sentenced to ten years in prison and ordered to forfeit nearly $392 million in assets. An appeals court upheld his conviction despite Scott's claims of ignorance about the OneCoin fraud. Prosecutors described his actions in creating shell companies and offshore accounts to launder funds in a Ponzi-like scheme, emphasizing the deliberate nature of his involvement and the profits he made from fraudulent activities.
Indeed, Scott accomplished his goal, but by fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all of his illegal proceeds.
Scott created shell companies, offshore accounts, and fraudulent investment funds on behalf of OneCoin to launder money in what has been described as a classic Ponzi scheme.
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