- Mark Scott, OneCoin scam lawyer removed from bar association
- Indicted for laundering $400 million
- Could face up to 50-years in jail
Mark S. Scott, the OneCoin scam lawyer who defended Cryptoqueen Ruja Ignatova in one of the most notorious scam cases globally, has been expelled from practicing the legal profession in New York.
A five-judge panel on Friday removed the OneCoin scam lawyer from the roll of attorneys in the state. They also commanded that Scott refrains from practicing law in New York either as principal or agent or in any other capacity.
Previously, the OneCoin scam lawyer was on suspension from the Supreme Court of Florida, where he was admitted in 1998.
Scott was debarred due to his role in the scam and not for defending the scammers in court. Reportedly, the OneCoin scam lawyer was convicted for conspiracy and laundered $400 million to aid the OneCoin scam.
Indictment against Scott, OneCoin scam lawyer
Apart from laundering $400 million to aid the scam, Scott also profited over $50 million from the scam. According to prosecutors, Scott claimed he earned “50 by 50,” referring to his wealth and age, and he used the money to buy exotic cars, a boat, and multiple beachside homes.
Currently, he is not being jailed owing to medical conditions. He is awaiting sentence and could bag around 50-years in prison.
The OneCoin scam remains one of the most notorious crypto scams, which began in 2014. It defrauded investors of over $4 billion.
The scam deceived investors, promising that OneCoin would become the next Bitcoin. However, OneCoin was never developed on any blockchain.
Investors believed that they were buying OneCoin token, and the value would increase and be sold in the secondary market one day. The company, however, only controlled the ledger and made up the price.
Ruja Ignatova, the brain behind the OneCoin scam, remains at large since her warrant of arrest was signed in 2017. However, her brother, Konstantin Ignatov, who pleaded guilty to money laundering, remains in authorities’ custody.