US DoJ To Seize Property From Attorney Who Helped Launder $400 Million For Crypto Scammers
Something happened in the crypto industry between 2015 and 2018. This is the period within which the most blatantly successful crypto scam took place. The OneCoin scam is approximated to have obtained upwards of $4 billion from unsuspecting investors. The OneCoin founder, Ruja Ignatova, disappeared in 2017. That’s not to say that justice isn’t being served. One US attorney is about to pay big-time for his involvement in the crime.
Law Catches Up With Attorney
Between the years of 2015 and 2018, US Attorney Mark Scott is said to have helped launder money for the OneCoin scammers. He did this by channeling close to $400 million through fake investment funds that have since been found to have been linked to the scammers’ accounts.
Interestingly, the accounts received millions of dollars from supposed “investors” that were actually the scammers in a plot to launder their ill-gotten money. Mark Scott is said to have helped in this effort, even sending himself a crisp $50 million as his service fees. In 2019, the court found Mark Scott guilty of one count of conspiracy to commit bank fraud and one count of conspiracy to launder money.
$400 Million Forfeiture
On Monday, the US Attorney handling Mark’s case tabled a submission to the court seeking a ruling to have Mark’s funds and properties forfeited to the State up to the tune of $400 million – the amount that Mark Scott helped launder for OneCoin. If the submission is approved, Mark’s assets will be frozen until $400 million is forfeited.
Besides losing his property that includes some posh sports cars, seaside villas, expensive watches, jewelry, and a yacht, Mark could also lose control of all the bank accounts he controlled. Also, his imminent sentencing is expected to happen on October 9. For his crimes, Mark faces up to 50 years in prison.