Mark Scott splashed his cash on yachts, pricey homes, fast cars and fancy watches – but his luxurious lifestyle was built on a huge cryptocurrency scam, a court has heard.

Mr Scott was a partner at prestigious US law firm Locke Lord before quitting to focus on his crypto dealings.

But he was later accused of using a variety of shell companies, overseas bank accounts and dodgy investment funds to cover up the source of US$400 million ($624 million) he allegedly helped launder.

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