Investigators also found that Mark Scott, a former partner of a major U.S. law firm, and others agreed to launder the proceeds of the OneCoin pyramid scheme. Scott allegedly helped launder $400 million through a series of purported investment funds holding bank accounts at financial institutions in the Cayman Islands, Ireland, and other countries. U.S. authorities arrested Scott in Massachusetts last year.
In a statement, Manhattan U.S. Attorney Geoffrey S. Berman said: “As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.”
