Mark Scott was sentenced to 10 years in prison by U.S. District Judge Edgardo Ramos for laundering approximately $400 million of proceeds from the massive international fraud scheme known as “OneCoin.”
The sentencing followed Scott’s conviction on all counts at trial on November 21, 2019.
OneCoin, which began operations in 2014 and was based in Sofia, Bulgaria, marketed and sold a fraudulent cryptocurrency by the same name through a global multi-level-marketing (MLM) network.
OneCoin began operating in the U.S. in or around 2015. The OneCoin scheme was one of the largest fraud schemes ever perpetrated. Between the fourth quarter of 2014 and the fourth quarter of 2016 alone, the scheme took in more than $4 billion from at least 3.5 million victims.
OneCoin marketed its fake cryptocurrency through…
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