OneCoin Attorney Receives 10-Year Prison Sentence for Money Laundering

Mark Scott, convicted of bank fraud and money laundering in connection with the OneCoin cryptocurrency scheme, faces a decade behind bars.

 A federal judge, Edgardo Ramos of the U.S. District Court for the Southern District of New York, has handed down a 10-year prison sentence to Mark Scott, a lawyer found guilty of money laundering through the notorious OneCoin crypto scheme. The sentencing, which took place on January 25, comes after Scott was convicted in November 2019 on charges of conspiracy to commit bank fraud and conspiracy to commit money laundering.

During the sentencing hearing, prosecutors argued for a minimum sentence of 17 years, while Scott's defense team recommended a more lenient five-year term. Before receiving his sentence, Scott expressed sympathy for the victims of OneCoin.

Mark Scott collaborated with OneCoin by laundering funds under the direction of Ruja Ignatova, also known as the "Cryptoqueen." Ignatova, who co-founded OneCoin with Karl Sebastian Greenwood in 2014, is still at large as of the time of this publication.

In a separate case related to OneCoin, Greenwood was sentenced to 20 years in September 2023 for fraud and money laundering, with a restitution order of $300 million for OneCoin victims. Irinia Dilkinska, former chief compliance officer at OneCoin, pleaded guilty to two felony counts in November 2023, awaiting sentencing in February.

Scott's legal team has indicated their intention to request bail while appealing the sentencing decision. This development adds to a growing list of individuals associated with cryptocurrency firms, such as former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and former Celsius CEO Alex Mashinsky, who face potential lengthy prison terms for their alleged involvement in money laundering or fraud schemes.