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.

For full access to story, members may sign in here.

Not a member? Click here to Join Now. Or Click here to sign up for a FREE TRIAL.