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US Justice Department seeks $400 Million from OneCoin Money Launderer

By Elizabeth Hearst

The United States Department of Justice (DOJ) has applied to confiscate nearly $400 Million dollars from Mark S. Scott, the attorney at the heart of the OneCoin money laundering scandal. 

The attorney is accused of creating a network of fake investment funds in a sophisticated global Ponzi scheme. Mr Scott is now being held liable for the total amount of $392,940,000, that he stands accused of laundering for OneCoin. 

The US Attorney for the Southern District of New York requested for the District Court judge to impose a “forfeiture money judgement”, on Mr Scott who was found guilty last November of money laundering for the OneCoin organisation. 

The global pyramid scheme which is suspected to have generated close to $3.7 Billion from siphoned funds that were funnelled from an elaborate network of private equity funds and through tax havens. 

In a press release following Mr Scotts verdict, the DOJ said he was paid more than “$50 Million for his money laundering services”, which he used to “buy luxury cars, a yacht and several seaside homes”. He was found guilty on one count of conspiracy to commit money laundering and one count of conspiracy to commit bank fraud. 

The press release states: “He used that money to purchase, among other things, a collection of luxury watches worth hundreds of thousands of dollars, a Ferrari and several Porsches, a 57-foot Sunseeker yacht and three multi-million dollar seaside homes in Cape Cod, Massachusetts.”

The DOJ are seeking to freeze any assets linked to Mr Scott until he has forfeited the near $400 Million he is accused of laundering. If this request is approved, US authorities will be able to confiscate any finances and assets linked to Scott until the forfeiture is reached. 

Mr Scott could face up to 50 years in prison when he is sentenced on October 9th. 

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