Mark Scott, the attorney associated with the OneCoin cryptocurrency scheme and recently convicted of fraud and money laundering, has been granted bail pending an appeal in the case, as per an April 18 filing in the U.S. District Court for the Southern District of New York by Judge Edgardo Ramos. This decision comes three months after Scott was sentenced to 10 years in prison. Despite redacted portions of the court documents concerning Scott's health issues, his legal team maintains that he does not pose a flight risk.
Judge Ramos, citing Scott's medical condition and the absence of violent crime charges, concluded that Scott is unlikely to flee or pose a threat to public safety. The decision to grant bail is contingent upon these factors, according to the court record. However, the judge emphasized that bail continuation is subject to ongoing evaluation.
A notice filed on February 7 highlighted the existence of "substantial questions of law" necessitating consideration in a potential appeal. Scott's defense team has alleged perjury on the part of Konstantin Ignatov, the brother of OneCoin's co-founder Ruja Ignatova. Despite these claims, prosecutors continue to rely on Ignatov's testimony in the case.
Judge Ramos expressed skepticism regarding the likelihood of Scott securing a dismissal or a new trial based on the issues raised, but acknowledged that they are not frivolous. He underscored their relevance to Scott's conviction and the potential impact on the case outcome. However, the judge stopped short of predicting the outcome of an appeal, noting that a contrary ruling could potentially lead to reversal or retrial on all counts for which Scott was imprisoned.
In November 2019, Scott was convicted by a jury for conspiracy to commit bank fraud and conspiracy to commit money laundering, stemming from his involvement in laundering millions of dollars through OneCoin under the direction of co-founder Ruja Ignatova. Notably, Ignatova remains at large. Additionally, another OneCoin co-founder, Karl Sebastian Greenwood, received a 20-year prison sentence in September 2023 for fraud and money laundering, with a restitution order of $300 million to OneCoin victims. Irinia Dilkinska, OneCoin's former chief compliance officer, pleaded guilty to two felonies and was sentenced to four years in prison on April 3.
