Mark S. Scott, who worked as an equity partner at the major American law firm Locke Lord LLP from June 2015 to September 2016, played a key role in a massive financial fraud operation. U.S. prosecutors stated that Scott was introduced to Ruja Ignatova, the mastermind behind the infamous OneCoin scheme, in September 2015. Starting in 2016, while still at Locke Lord, he established a web of bogus private equity funds in the British Virgin Islands, known as the Fenero Funds. The information below is based on the U.S. criminal indictment and the trial verdict against Scott, who was found guilty by a jury.
Disguising Criminal Funds Through Shell Investments
Scott funneled approximately $400 million into the Fenero Funds, falsely presenting the source as investments from affluent European families. Using these funds, he opened banking accounts across multiple international jurisdictions.
In reality, the cash came from the fraudulent OneCoin operation. Scott used the Fenero accounts to clean the money by routing it through financial institutions in locations such as the Cayman Islands and Ireland.
He then rerouted these laundered funds to Ruja Ignatova — dubbed the “Cryptoqueen” — and to other entities tied to OneCoin. These outgoing transfers were masked as legitimate investment activity by the Fenero Funds.
Scott and his accomplices misled banks and other financial organizations, tricking them into facilitating the movement of illicit funds while bypassing anti-money laundering controls.
Luxury Funded by Fraud
Prosecutors revealed that Scott openly bragged about his goal of earning “50 by 50” — meaning $50 million before turning 50. Reportedly, he achieved this target through his involvement in the laundering scheme. With his earnings, he indulged in an extravagant lifestyle that included a luxury watch collection, high-end vehicles like a Ferrari and multiple Porsches, a 57-foot yacht, and several multimillion-dollar waterfront properties in Cape Cod, Massachusetts.
As a seasoned corporate attorney, Scott leveraged his professional expertise to construct phony investment vehicles, which served as a front for moving massive sums derived from OneCoin’s deception. In the process, he pocketed tens of millions in stolen funds. Now, the man who once flaunted his $50 million windfall could face up to five decades behind bars.
Prosecution and Sentence
According to a statement from U.S. Attorney Geoffrey S. Berman (DOJ), Scott was found guilty of conspiracy to commit money laundering, a charge carrying a maximum sentence of 20 years, and conspiracy to commit bank fraud, which could lead to an additional 30 years. His sentencing was scheduled for February 21, 2020, before Judge Ramos.