A federal appeals court docket in Manhattan has confirmed the 10-year jail sentence of Mark Scott, a former associate on the regulation agency Locke Lord, for his involvement in a virtually $400 million cryptocurrency fraud.
As per the 2nd U.S. Circuit Court docket of Appeals, there was sufficient proof to assist the 2019 conviction for cash laundering and financial institution fraud conspiracy.
In Might, one in all his protection staff members advised Scott’s trial was unfair as a result of lies below Oath. Scott was discovered responsible of his involvement within the OneCoin cryptocurrency rip-off. In addition to his 10-year prison sentence, he was ordered to surrender over $392 million, a number of financial institution accounts, a yacht, and two Porsches.
Prosecutors declare Scott met OneCoin creator Ruja Ignatova, a German citizen often known as the “Cryptoqueen,” in 2015 and started organising bogus funding companies to launder tens of millions of {dollars} in felony earnings in 2016. Scott stated he provided Ignatova with authorized counsel and was unaware OneCoin was a fraud.
Scott was a global mergers & acquisitions and personal fairness associate at Locke Lord from June 2015 till September 2016. A consultant for the corporate beforehand stated that Scott was solely there for a brief interval and that they have been unaware of “his particular person actions outdoors of the agency.”
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