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Former Locke Lord partner, Mark Scott, was convicted in federal court in 2019 on conspiracy to commit bank fraud and conspiracy to launder money charges. Yesterday, for his role in the $400 million cryptocurrency scheme, Scott was sentenced to 10 years in prison.
Scott left his international mergers and acquisitions and private equity practice in Biglaw to work at OneCoin, and prosecutors say he had a key role in the plot to launder $400 million from the cryptocurrency. Prosecutors said Scott bragged about making $50 million before he was 50 years old. U.S. Attorney Damian Williams said, “Indeed, Scott accomplished his goal, but by fraud and deception, and will now spend a decade in prison and has been ordered to forfeit all of his illegal proceeds.”
As reported by Bloomberg Law, the 10-year sentence Judge Edgardo Ramos imposed was a compromise between what the defense wanted and prosecutors sought:
Scott had sought a sentence of five years of imprisonment in a brief filed on Friday, opens new tab. He said he was a “broken man” who has spent the last four years in home confinement, unable to leave his apartment except for medical or legal reasons.
Prosecutors sought at least 17 years in prison for Scott. He was “motivated by greed” and was not satisfied with the “luxurious lifestyle afforded to him by being an equity law firm partner, living in a $1.5 million condo in Coral Gables and earning upwards of a million dollars a year,” prosecutors said in a court filing, opens new tab.
Additionally, Scott was ordered to forfeit $392,940,000, several bank accounts, a yacht, two Porsche automobiles, and four real-estate properties.
Scott was disbarred by New York state in 2020.
Earlier: Former Biglaw Partner Convicted In Cryptocurrency Scam
Former Biglaw Partner Indicted On Charges Related To Cryptocurrency Ponzi Scheme
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
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