Recently, Mark Scott, the crypto Ponzi scheme, OneCoin’s lawyer, was convicted for laundering charges worth $400 million. Judge Convicted The Lawyer Of OneCoin For Laundering.
The federal prosecutors in New York termed OneCoin as a “pyramid scheme” and “multi-level marketing” move. The judgement included one more name to the guilty OneCoin high ranking representatives’ list.
In November, Scott was convicted for laundering an amount of $400 million, which began in 2016. He was then sentenced to a maximum of 50 years in jail and removed from the practice of law.
As per a press release, the money came via a network of illegal private equity funding. The tax havens did the obfuscation of the source through the British Virgin Islands and the Cayman Islands. During this process, Scott took off with $50 million.
Geoffrey Berman, the US Attorney, stated, “He lined his pockets with over $50 million of the money stolen from victims of the OneCoin scheme.”
He added, “Scott, who boasted of earning ‘50 by 50’ now faces 50 years in prison for his crimes.”
Researchers have defined OneCoin as a fraudulent scheme with trials coming from the following continents:
- North America
The Chinese regulators have prosecuted about 98 OneCoin officials from 2017.
An arrest warrant was imposed on Ruja Ignatova, OneCoin’s founder, who disappeared in 2017. In February the sentence was set to be imposed on Scott.