09 Feb 2025

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U.S. Court Upholds Conviction of Mark Scott in $400M Crypto Fraud Case

U.S. Court Upholds Conviction of Mark Scott in $400M Crypto Fraud Case

Former Locke Lord partner Mark Scott, convicted of a $400 million cryptocurrency fraud, will remain in prison.

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A U.S. court of appeals in Manhattan rejected his appeal, upholding his 2019 conviction.The judge ruled that prosecutors provided substantial evidence confirming Scott’s involvement in money laundering and bank fraud through the infamous OneCoin crypto scheme.

Prosecutors successfully demonstrated that Scott knowingly helped move illicit funds, despite his defense arguing that he was unaware of OneCoin’s fraudulent nature and was merely offering legal services. Following the court’s decision, Scott called the ruling “stunning” and claimed the case was built on false testimony. The prosecution declined to comment.

You might also like: Binance Under Investigation in France for Money Laundering

The ruling reinforces Scott’s key role in setting up investment funds to launder OneCoin’s proceeds in partnership with OneCoin co-founder Ruja Ignatova, who remains one of the FBI’s most wanted fugitives. Alongside his prison sentence, authorities have seized $392 million in assets, multiple bank accounts, two Porsche cars, and a yacht.

OneCoin, launched in 2014, was marketed as a Bitcoin rival but was later exposed as one of the largest Ponzi schemes in crypto history, defrauding thousands of investors worldwide. The scheme collapsed in 2017 after an international law enforcement task force arrested key figures, including Mark Scott.

Crypto scams remain one of the biggest threats to the industry. Check out our in-depth report on the largest frauds in crypto history.

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