Onecoin Lawyer Granted Bail As He Awaits Appeal For Conviction And 10-Year Sentence

Judge Edgardo Ramos concluded that Mark Scott did not present a risk of flight or pose a threat to the safety of others or the community if he were to remain out on bail.

Mark Scott, a lawyer involved in the OneCoin cryptocurrency scheme recently found guilty of fraud and money laundering, has been granted bail while awaiting the outcome of his appeal.

Judge Edgardo Ramos, in a filing dated April 18 in the United States District Court for the Southern District of New York, authorized bail for Scott. This decision comes three months after Scott was sentenced to a 10-year prison term. Portions of the court document were redacted concerning Scott’s health concerns, which his legal team argued did not increase the likelihood of him fleeing.

“Based on the record before the Court, given Scott’s medical conditions and because he has not been charged with a violent crime, the Court does not find that Scott is likely to flee or pose a danger to the safety of any other person or the community if allowed to remain on bail,” said Judge Ramos.

A notice submitted on February 7 highlighted the presence of significant legal issues warranting consideration for a potential appeal. Scott’s legal representatives indicated doubts regarding the credibility of Konstantin Ignatov, brother of Ruja “Cryptoqueen” Ignatova and a key figure in the OneCoin scheme, alleging perjury. However, despite these claims, prosecutors relied on Ignatov’s testimony in their case.

“[T]he Court believes it is quite doubtful that Scott will obtain a reversal or new trial on both counts,” said the judge. “But the Court cannot say that the questions are frivolous. And they are sufficiently integral to the merits of Scott’s conviction that a contrary appellate holding could likely require a reversal or new trial on all of the counts for which Scott has been imprisoned.”

In November 2019, Scott was found guilty by a jury of conspiring to commit bank fraud and conspiring to commit money laundering in connection with his involvement in laundering millions of dollars through OneCoin. Acting under the direction of OneCoin co-founder Ruja Ignatova, Scott facilitated the laundering of funds. Ignatova remained a fugitive at the time of the trial.

OneCoin co-founder Karl Sebastian Greenwood received a 20-year prison sentence for charges of fraud and money laundering in September 2023. Additionally, he was mandated to pay $300 million in restitution to victims of the OneCoin scheme. Irinia Dilkinska, former chief compliance officer at OneCoin, pleaded guilty to two felony charges and was sentenced to four years in prison on April 3.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.