The United States authorities are currently seeking a forfeiture order against a convicted OneCoin co-conspirator, Mark Scott. He helped other OneCoin co-conspirators to launder $392,940,000 ill-gotten from their fraudulent cryptocurrency business. Scott was reportedly charged with the conspiracy to commit money laundering and bank fraud.
OneCoin co-conspirator convicted of money laundering
Citing the letter which was filed to the New York Southern District Court on Tuesday, Finance Feeds reported that the US government is seeking a heavy forfeiture money judgment of about $392,940,000 against Mark Scott, the convicted OneCoin co-conspirator. The forfeiture judgment, if granted, would be a part of his sentence according to the report.
The US government also sought the forfeiture of Scott’s interest in certain bank accounts, and some other assets. Additionally, they sought for a post-conviction restraining order against the convict. According to the report, this was to ensure that Scott will be restrained from accessing those assets until they are properly forfeited to the United States.
How Scott helped to launder funds from OneCoin
Scott, who is an ex equity partner at Locke Lord LLP, reportedly helped OneCoin co-conspirators to launder about $400 million by creating an investment fund specifically for that purpose. Manhattan U.S. Attorney Geoffrey S. Berman commented:
“Mark S. Scott, an equity partner at a prominent international law firm, used his specialized knowledge as an experienced corporate lawyer to set up fake investment funds, which he used to launder hundreds of millions of dollars of fraud proceeds.”
In return, he was paid over $50 million, which he spent in buying luxurious items and properties, as reported. His sentencing has been scheduled to hold on October 9, 2020.