Final Verdict: Lawyer Found Guilty of Money Laundering for OneCoin's Cryptoqueen

Meanwhile, the New York County district attorney’s office and the Manhattan US attorney’s office; reached the last stage of prosecuting Scott. a former partner of the law firm, Locke Lord. The accursed allegedly received $50 million to aid; Ignatova in laundering a whopping $400 million. Ignatova is popularly known as the crypto queen. 

The jury did not buy Scott's claim that he had no knowledge that OneCoin was a scam and that he was only doing his best as Ignatova's lawyer to represent her interests. They arrived at their guilty verdict in only four hours.

Crypto scam raised $4.4 billion

OneCoin is among the cryptoverse’s most infamous exit scams. Despite investigator allegations that the firm raised more than $4.4 billion in a Ponzi scheme; the Bulgarian-based firm is still operational. Nevertheless, US prosecutors accused Mark Scott of employing a massive network of fake companies, fraudulent investment schemes and offshore bank accounts to launder up to $400 million in ill-gotten funds. 

Luxurious Compensations

Prosecutor Julieta Lozano had previously laid claim that Scott’s compensation for his criminal activity; were a 57-foot yacht, luxury cars (Three Porsches and a Ferrari) and three multimillion-dollar homes in Cape Cod, Massachusetts. 

Meanwhile, Scott maintained that he had no prior knowledge that OneCoin was a scam. Prosecutor Nicholas Folly, however, noted that evidence against Scott was obvious and overwhelming. On the other hand, Scott’s defense lawyer informed the jury that there was plenty of doubt; including the fact that there was no evidence affirming Mark believed OneCoin was a scam. 

A Locke Lord Law Firm spokeswoman said in a statement that the firm had been unaware of Scott’s alleged criminal activities, especially given that his actions occurred after his exit from the law firm. She stated: 

"Scott, who was with our firm for a little over a year, was charged by the federal government with money laundering almost two years after his departure. We were not aware of his individual activities outside of the firm, and we have been fully cooperating and working with government authorities.”