Mark S. Scott, Conspiracy to Commit Money Laundering and Bank Fraud, New York 2023
A prominent international lawyer has been convicted of conspiring to commit money laundering and bank fraud in connection with a massive international fraud scheme that laundered over $400 million.
Mark S. Scott, a former equity partner at Locke Lord LLP, was convicted of conspiracy to commit money laundering and bank fraud following a three-week trial in Manhattan Federal Court.
According to the indictment, Scott laundered approximately $400 million in proceeds of the OneCoin fraud scheme through fake private equity investment funds that he 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.
The OneCoin scheme was a massive pyramid fraud scheme that operated as a multi-level marketing network through which members received commissions for recruiting others to purchase cryptocurrency packages.
The scheme was led by Ruja Ignatova, who co-founded OneCoin Ltd. in or about 2014 and disappeared from public view in or about October 2017.
Manhattan U.S. Attorney Geoffrey S. Berman said that Scott 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.
Scott faces 50 years in prison for his crimes.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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