The case record states that Scott was convicted of two federal felonies related to the OneCoin case, including conspiracy to commit money laundering and conspiracy to commit bank fraud.
Scott reportedly laundered $400 million for Ignatova, $50 million of which he collected in fees. Prosecutors say that Scott boasted of earning ’50 by 50′, referring to his wealth and age, and he used the money to purchase cars, a boat, and a number of beachside homes.
A statement by the panel of five judges that made the decision to ban Scott from practicing law in New York said that “[it is ordered] that respondent is commanded to desist and refrain from the practice of law in any form in the State of New York, either as principal or as agent, clerk or employee of another.”
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As such, Scott is officially forbidden to appear as “an attorney or counselor-at-law before any court, judge, justice, board, commission or other public authority, or to give to another an opinion as to the law or its application.”
Additionally, the decision mentioned the fact that Scott’s right to practice law is also reportedly under fire elsewhere in the US: the Supreme Court of Florida, Scott’s home state, has reportedly made the decision to suspend Scott from the practice of law.
A Long and Insidious Road to… Hollywood?
New York’s ban on Scott is the latest step in the United States’ legal system’s attempts to bring justice to the perpetrators of the OneCoin scam, which was founded in the mid-2010s.
The scam, which operated as a multi-billion dollar pyramid scheme, offered participants commissions for recruiting new investors. However, investments were often instead collected and spent by Ruja Ignatova. While Ignatova’s brother, who was closely involved with the project, is awaiting sentencing, Ruja Ignatova herself remains at large.
The OneCoin saga will reportedly be the topic of an upcoming major Hollywood movie, with Kate Winslet cast as the infamous “CryptoQueen;” the story is on its way to becoming a BBC television drama.