• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
What's Hot

Types, Use Cases and Why They Matter

2025-05-24

What’s the Real Difference for Beginners?

2025-05-24

What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

2025-05-23
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
Twitter Instagram YouTube
Crypto Semantic
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of January 28

    2025-02-03

    Op-Ed: The Artist and the Artificial Sublime

    2025-01-20

    Zora launches onchain NFT secondary markets with Uniswap

    2024-08-12

    NFT sales surge led by DMarket on Ethereum

    2024-08-12

    Top NFT Collections by Sales This Week: DMarket Surges Ahead

    2024-08-11
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins

    2024-02-20

    Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

    2024-02-19

    Arweave’s AR token hits 18-month high amid rapid growth and innovation

    2024-02-19

    Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment

    2024-02-19

    NEAR Skyrockets 30% – Investors Intrigued By These Metrics

    2024-02-19
  • Learn

    Types, Use Cases and Why They Matter

    2025-05-24

    What’s the Real Difference for Beginners?

    2025-05-24

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    2025-05-23

    What Is a DEX? How DEXs Work and Why They Matter

    2025-05-21

    What Is Blockchain? Blockchain Technology Explained for Beginners

    2025-05-21
  • Market Cap
  • Shop
Crypto Semantic
Home»Scams»OneCoin lawyer sentenced to 10 years in prison over laundering $400 million
OneCoin lawyer sentenced to 10 years in prison over laundering $400 million
Scams

OneCoin lawyer sentenced to 10 years in prison over laundering $400 million

2024-01-26No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

In a landmark judgment, Mark Scott, previously a high-ranking lawyer at Locke Lord LLP, acquired a 10-year jail sentence on Jan. 25 for laundering $400 million derived from the notorious OneCoin Ponzi scheme.

The sentencing on the Southern District of New York adopted Scott’s 2019 conviction on a number of counts of financial institution fraud and cash laundering. Interior Metropolis Press first reported the sentencing from the courtroom.

The OneCoin lawyer

OneCoin, launched in 2014 and operated out of Sofia, Bulgaria, was initially marketed as a groundbreaking cryptocurrency. Nevertheless, it quickly emerged as a fraudulent multi-level-marketing (MLM) scheme, swindling over $4 billion from a minimum of 3.5 million victims worldwide between 2014 and 2016.

OneCoin’s worth was falsely represented as being pushed by market provide and demand, however in actuality, it was a worthless digital forex, its worth manipulated and arbitrarily set by the scheme’s operators.

Scott, who joined the scheme after assembly OneCoin co-founder Ruja Ignatova in September 2015, performed a pivotal function within the cash laundering facet of the fraud. Regardless of his protection’s declare of ignorance concerning OneCoin’s fraudulent nature, proof and testimonies offered throughout the trial painted a special image.

Prosecutors argued that Scott was deeply concerned within the operations, establishing elaborate offshore fund buildings to disguise the origin of the ill-gotten good points.

In the course of the sentencing, the choose scrutinized Scott’s actions post-conviction, together with promoting his Porsche and transferring important funds to the Cayman Islands quite than utilizing them to compensate OneCoin victims. The choose mentioned these actions confirmed his lack of regret and unwillingness to assist the victims of the scheme he helped perpetuate.

See also  Brother of ‘Cryptoqueen’ Responsible for $4,000,000,000 Scheme Released From US Prison: Report

OneCoin unravelling

Ruja Ignatova, generally known as the “Cryptoqueen,” stays at massive and was added to the FBI’s Prime 10 most wished listing in June 2022. The case continues to unravel as different associates of OneCoin face authorized repercussions for his or her involvement within the scheme.

Scott’s sentencing is a stark reminder of the dangers related to unregulated digital currencies and the potential for his or her misuse in large-scale frauds. It serves as a cautionary story for professionals within the authorized and monetary sectors concerning the penalties of facilitating or turning a blind eye to doubtful monetary operations.

The OneCoin case continues to be a touchstone within the dialogue concerning the want for extra stringent laws and oversight within the cryptocurrency market.

Scott’s conviction and sentencing underscore the seriousness with which the U.S. justice system treats monetary crimes, particularly these involving rising applied sciences like cryptocurrencies. It additionally highlights the continuing efforts by legislation enforcement businesses worldwide to carry to justice these concerned in one of the infamous frauds within the realm of digital currencies.

Source link

Laundering Lawyer Million OneCoin Prison Sentenced Years
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Creator of over 100 memecoins says rug pulls are the ‘easiest way to make money’

2025-05-18

Jan 2024 SEC’s X account hacker got 14 months in prison for cyber fraud

2025-05-17

10 Years of Steadfast Support and Compliance

2025-05-15

How an insider-led breach sparked a costly scam at Coinbase

2025-05-15
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Analysis

Crypto Analyst Predicts Rallies for Ethereum Rival Fantom, Updates Outlook on Three Additional Altcoins

2023-07-04

A extensively adopted crypto strategist thinks that Ethereum (ETH) competitor Fantom (FTM) is primed for…

Scams

Creator of over 100 memecoins says rug pulls are the ‘easiest way to make money’

2025-05-18

Dubai-based Indian memecoin creator, Sahil Arora, referred to as memecoin rug pull schemes probably the…

Uncategorized

What is a supernet, and how does it work?

2023-02-21

Supernets allow communication amongst distinct blockchain networks, significantly enhancing the usefulness of the general system…

Subscribe to Updates

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Twitter Instagram
Popular Post

Tap Protocol secures $4.2M for Bitcoin OrdFi innovation and expansion through Ordinals

2023-12-16

Bitcoin recovers to $49.7k after failing to find support above $50k

2024-02-13

Mailchain Announces Integration with NEAR Protocol to Develop Secured Web3 Communication Layer

2023-04-04

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
© 2025 cryptosemantic.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$108,158.000.16%
  • ethereumEthereum(ETH)$2,513.14-1.23%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$2.32-0.52%
  • binancecoinBNB(BNB)$666.090.18%
  • solanaSolana(SOL)$172.76-1.47%
  • usd-coinUSDC(USDC)$1.000.00%
bitcoin
Bitcoin (BTC) $ 107,842.89
ethereum
Ethereum (ETH) $ 2,503.27
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.31
bnb
BNB (BNB) $ 664.89
solana
Solana (SOL) $ 172.10
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.222288
cardano
Cardano (ADA) $ 0.739367
tron
TRON (TRX) $ 0.269466