Mark Scott, the lawyer for the OneCoin cryptocurrency pyramid, was found guilty on two criminal charges.
Both are linked to bank fraud and money laundering. A U.S. District Court sentenced Mark Scott to 10 years in prison. He is accused of laundering $400 million received from OneCoin.
From 2014 to 2016, the OneCoin project generated nearly $4 billion. The creator of the native token called it a cryptocurrency similar in structure to Bitcoin (BTC). Co-founders ‘crypto queens’ Ruja Ignatova and Carl Sebastian Greenwood promoted OneCoin through MLM networks.
It was later revealed that the project was a financial pyramid. However, Scott’s attorney reiterated throughout the trial that his client did not know about OneCoin’s fraud.
Prosecutors alleged that Scott created an investment fund to handle Ignatova’s funds. According to investigators, he earned $50 million for this.
During the meeting, it was revealed that OneCoin lawyers had misrepresented the names of clients supporting them. The indictment also alleges that Scott sold sports cars and transferred the funds to offshore accounts.
The judge said all this money should be used to pay compensation to victims of the pyramid. The lawyer plans to appeal the ruling. According to him, he learned about the scam thanks to an Internet message.
Former OneCoin legal chief Irina Dilkinska could face 10 years in prison. She pleaded guilty to her fraud and money laundering charges. Dilkinska transferred her funds to offshore accounts instead of doing her own work. Her final sentencing date is set for February 14.
Karl Sebastian Greenwood is already in custody. Last September, he was sentenced to 20 years in prison. Additionally, he must pay $300 million in compensation to OneCoin victims.