Cryptocurrency

Mark Scott Laundered 400 Million Dollars in Crypto Scam, Says Counsel

Mark S. Scott, a former Locke Lord LLP associate, was paid 50 million dollars by Ruja Ignatova, the fugitive head of the worldwide OneCoin Cryptocurrency scam. A Counsel told a jury that a lawyer on trial for manipulating 400 million dollars out of a huge cryptocurrency scam was inspired by an objective he once expressed in a text message: “50 by 50,” or 50 million dollars by the age 50.

Mark S. Scott launched a fake investment fund that was used to process cash from Ruja Ignatova, a Bulgarian lady behind OneCoin. OneCoin was a Ponzi plot dependent on a deceitful blockchain-based digital currency framework.

Besides, Scott has argued that he is not guilty, and he is blamed for utilizing a network of shell organizations, phony investment funds, and offshore bank accounts to conceal the source of 400 million dollars in illicit proceeds.

Through this, he had made millions, which he used to purchase a 57-foot yacht, multimillion-dollar homes in Cape Cod, and extravagance cars, including three Porsches; said assistant U.S. Lawyer Julieta Lozano to Jurors in her opening explanation in Scott’s criminal trial in Manhattan.

According to the Government, OneCoin produced 3.4 billion Euros (3.8 billion dollars) in income from Q4 of 2014 to Q3 2016, yet had no actual worth and could not be utilized to purchase anything.

Scott, aged 51, has previously worked with Locke Lord LLP, a U.S based law office. However, in September 2018, he was arrested in Barnstable, Massachusetts. Scott was accused of formulating conspiracies related to money-laundering and bank fraud. If sentenced, Scott could have to spend many years in jail.

The organization that supposedly ran the scheme OneCoin Ltd. professed to have more than 3,000,000 members around the world. Besides, it worked as a multi-level operating network that paid commissions to individuals for referring others to purchase OneCoin packages, as said by the prosecutors.

Recently, Scott’s legal counselor told members of the jury that his client did not know that OneCoin was depended on the useless electronic currency. Moreover, Scott accepted that his very own authentic investment finance was functioning with cash received from his customer, and further stated that it should be Ignatova, who is to be accused of the fraud.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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