A federal judge has handed down a 10-year prison sentence to Mark Scott, a lawyer convicted of money laundering through the OneCoin cryptocurrency scheme. U.S. District Judge Edgardo Ramos of the Southern District of New York imposed the sentence on January 25, following Scott's earlier conviction in November 2019 on charges of conspiracy to commit bank fraud and conspiracy to commit money laundering. Scott had worked with OneCoin, a cryptocurrency company co-founded in 2014 by "crypto queen" Ruja Ignatova and Karl Sebastian Greenwood. Ignatova, despite her involvement in the OneCoin scheme, is still at large.
Prosecutors had sought a minimum sentence of 17 years for Scott, while his defense team recommended a more lenient five-year term. During the hearing, Scott expressed sympathy for the victims of the OneCoin scheme. His role involved laundering millions of dollars under Ignatova's guidance. Greenwood, another key figure in the OneCoin saga, was sentenced to 20 years in prison in September 2023 for fraud and money laundering, along with an order to pay $300 million in restitution to OneCoin victims. Irinia Dilkinska, OneCoin's former chief compliance officer, pleaded guilty to two felonies in November 2023 and awaits sentencing in February.
Following the recent sentencing, Scott's legal team reportedly plans to apply for bail pending an appeal. The OneCoin case is part of a broader crackdown on individuals associated with cryptocurrency companies involved in alleged money laundering or fraud schemes. Notable figures, including former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and former Celsius CEO Alex Mashinsky, are among those facing legal scrutiny and potential prison sentences.
