The subagency of the US Department of Justice (DoJ) representing the federal government in court, the United States Attorney’s Office (USAO), has suggested a minimum 17-year sentence for the lawyer responsible for laundering money via the OneCoin crypto fraud scheme.
As per the official document submitted by the prosecutors in the US District Court for the Southern District of New York, the 17-year sentence is “fair and appropriate” for Mark Scott, the lawyer responsible for laundering millions via the OneCoin scheme.
OneCoin Lawyer’s 17-Year Sentencing
As per the USAO, Scott “chose to work full time” and laundered money for “Cryptoqueen’ Ruja Ignatova and Karl Sebastian Greenwood in 2014. Ignatova and Sebastian founded the OneCoin scam together.
“[Scott] engaged in incredibly serious and sophisticated criminal conduct, conduct for which he has failed to accept responsibility and for which he has not shown an ounce of remorse,” read the filing. “His punishment must match the seriousness of his crime.”
Scott Knew OneCoin was a Fraudulent Scheme
As per the prosecutors, Scott knew that OneCoin was a fraudulent crypto scheme but nevertheless engaged in laundering money for the co-founders. The USAO said that the lawyer “repeatedly and regularly” lied and falsified documents.
Prosecutors also allege that the lawyer used his status as a lawyer and his knowledge of the law to “shield his illegal communications” with Ignatova from the regulators. They believe that 17 years behind bars is appropriate for Scott’s “abhorrent” conduct.
“Deterring would-be money launderers, who can often participate in schemes like this at a safe distance from the day-to-day operation of the fraud scheme itself, is critical. Without money launderers like Scott, schemes like the OneCoin scheme would falter and fail,” read the filing.
Greenwood Pleaded Guilty in 2022
As earlier covered by TheCoinRise, Greenwood pleaded guilty to federal United States charges, including wire fraud and money laundering back in December 2022.
He confessed that OneCoin was a fraudulent scheme and looted billions of dollars from investors.