Lawyer Convicted of Laundering $400 Million in OneCoin Fraud (1)

A lawyer was convicted of laundering $400 million from a Ponzi scheme based on the fraudulent cryptocurrency OneCoin.

Mark Scott, 51, was found guilty Thursday of money-laundering conspiracy and bank-fraud conspiracy after jurors deliberated for 3 1/2 hours. Prosecutors claimed Scott set up a phony investment fund that he used to process money from Ruja Ignatova, the Bulgarian woman behind OneCoin Ltd.

According to the government, Scott was paid $50 million “just for laundering Ruja’s money.” Scott, a former Locke Lord LLP partner, used the money to fund a lavish lifestyle, buying a 57-foot yacht, multimillion-dollar homes in Cape Cod, ...