Mark Scott, a former partner at Locke Lord LLP, a Dallas, Texas-based law firm, was charged in late 2019 for his role in laundering at least $400 million of OnceCoin scam. He was convicted for the same with the testimony of OneCoin executive Konstantin Ignatova. OneCoin scam was among the largest crypto scams ever to take place as the firm defrauded over $4 billion from the investors all over the world.
Mark Scott sentencing moved to July 14, 2020.
Mark Scott was convicted on two counts of conspiracy to commit bank fraud and the conspiracy to commit money laundering on November 21 last year, but his sentencing has not been announced by the court yet. His sentencing has been moved once again, as successfully appealed to get further medical testing. Judge Edgardo Ramos of the New York Southern District Court ruled that the sentencing will be moved to July 14, 2020. Mark Scott had pocketed over $50 million from helping the OneCoin launder money via banks in Europe.
The main conspirator of OnceCoin is yet to be caught.
Ruja Ignatova, who is considered to be the brain behind this elaborate scam, is yet to be arrested by authorities. Whereabouts of Ruja Ignatova are still unknown. Ruja’s brother and partner in crime, Konstantin Ignatova, has been in custody and is cooperating with the authorities. The sentencing of Konstantin has also been pushed to July as authorities still need his cooperation. Ruja Ignatova also known as Crypto Queen, built OneCoin into a multi-billion dollar scam, and attracted investment from three million investors from around the world. According to a BBC report, the OneCoin fraud may have made off with as much as $16 billion.
Konstantin Ignatova might face up to 20 years in prison for his role in the OneCoin scam. He assumed high-level positions at the organization and rose to the top leadership position by mid-2018. He was arrested in March 2019. He has been cooperating with the authorities to bring more people to justice who were involved in this scam.
