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Fraud in the News



$50 million by age 50 could get lawyer 50 years

Mark Scott, 51, a former equity partner at the law firm Locke Lord LLP, was convicted in Manhattan Federal Court on Nov. 21, 2019, for laundering about $400 million from the massive international OneCoin fraud. (See OneCoin cryto-scam lawyer found guilty of worldwide $400m fraud, by Lisa Vaas, Nov. 25, 2019, Naked Security.)

According to the article, Scott had once boasted of making 50 by 50 — $50 million by the age of 50. He’s now facing a potential 50+ years in prison for money laundering and lying to banks about funds flowing from OneCoin, a cryptocoin Ponzi scheme that started in Bulgaria.

The U.S. Department of Justice says that Scott set up a series of bogus private equity investment funds — the “Fenero Funds” — in the British Virgin Islands and lied when he said about $400 million in OneCoin fraud money was investments of wealthy European families. He funneled the money through Fenero Fund bank accounts in the Cayman Islands and Ireland.



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