Mark Scott, a former partner at the Locke Lord law firm, has been sentenced to 10 years in prison for his role in a $400 million cryptocurrency fraud. Scott was convicted in federal court in 2019 on conspiracy to commit bank fraud and conspiracy to launder money changes.
Previously working in an international mergers and acquisitions and private equity practice at a Biglaw firm, Scott left his position to join OneCoin. He was identified by prosecutors as playing a central role in the scheme to launder $400 million from the fraudulent cryptocurrency. It was reported that Scott would often boast about making $50 million before reaching the age of 50.
According to U.S. Attorney Damian Williams, Scott achieved his financial goals through deceptive means, and now faces a decade in prison. Furthermore, Scott has been ordered to surrender all of his illegal earnings.
As reported by Bloomberg Law, Judge Edgardo Ramos’s 10-year sentence was an intermediate measure between the preferred sentences of the defense and prosecution. Scott had requested a five-year sentence, using a brief filed on Friday where he described himself as a ‘broken man’ who has spent the last four years under house arrest, leaving his apartment only for medical or legal reasons.
The Prosecution had sought a considerably longer sentence of at least 17 years for Scott. They argued that Scott was primarily motivated by greed and was dissatisfied with the luxury lifestyle afforded to him as an equity law partner, resulting in his involvement in the fraudulent scheme.
Scott was ordered not only to serve his prison sentence but also to forfeit $392,940,000, several bank accounts, a yacht, two Porsche automobiles, and four real estate properties. Following his conviction in 2019, Scott was disbarred by New York state in 2020.