Former Partner at Prominent Law Firm Convicted of Money Laundering, Fraud in $400M Investment Scam - NBC New York

Chief Investigative Reporter Jonathan Dienst on crime, corruption and terrorism.

Former Partner at Prominent Law Firm Convicted of Money Laundering, Fraud in $400M Investment Scam

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    What to Know

    • A one-time partner at a leading international law firm was convicted on money laundering charges in connection with a $400M scam

    • Mark Scott of Lock Lord LLP now faces 30 years in prison for his role in the pyramid scheme known as “One Coin”

    • Scott is accused of setting up fake investment accounts to launder millions that was stolen from unsuspecting investors

    A one-time partner at a leading international law firm was convicted on money laundering charges in connection with a $400 million scam. Mark Scott of Lock Lord LLP now faces 30 years in prison for his role in the pyramid scheme known as “One Coin.”

    Scott is accused of setting up fake investment accounts to launder millions that was stolen from unsuspecting investors. OneCoin, which continues to operate, is a multi-level network where members receive commissions for recruiting others to purchase cryptocurrency packages.

    Scott, 51, worked at Locke Lord from 2015-16 and helped set up fake private equity firms in the British Virgin Islands. In addition to money laundering counts, he was also convicted of bank fraud. Prosecutors in New York said he used the stolen money to purchase a yacht, seaside homes in Cape Cod, luxury watches and a Ferrari.

    “He lined his pockets with over $50 million of the money stolen from victims,” US Attorney Geoffrey Berman said.

    The FBI and IRS-Criminal Investigation agents helped uncover the scheme. John Tafur, the Special Agent In Charge of IRS Criminal Investigation said investigators remain committed to “…tracking down and bringing to justice those individuals involved in complex financial schemes, whether it involves fiat or virtual currency.”

    Scott is set to be sentenced on February 21.

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