Mark Scott, a lawyer involved in the OneCoin cryptocurrency scheme, which was recently convicted of fraud and money laundering, has been granted bail while awaiting an appeal of his case. The decision was made by Judge Edgardo Ramos of the United States District Court for the Southern District of New York, three months after Scott was sentenced to 10 years in prison. The court filing mentioned Scott’s health issues, which his legal team argued did not make him a flight risk. Judge Ramos determined that Scott’s medical conditions and the fact that he was not charged with a violent crime indicated that he was not likely to flee or pose a danger if he remained on bail.
In February, a notice was filed stating that there were significant legal questions to consider for a possible appeal. Scott’s legal team claimed that Konstantin Ignatov, brother of Ruja “Cryptoqueen” Ignatova and a leader of the OneCoin scheme, had committed perjury, yet prosecutors still relied on his testimony. The judge expressed skepticism about Scott’s chances of obtaining a reversal or new trial on both counts but acknowledged that the questions raised were not frivolous and could potentially lead to a reversal or new trial for all the charges against Scott.
Scott was found guilty by a jury in November 2019 of conspiracy to commit bank fraud and conspiracy to commit money laundering for his involvement in laundering millions of dollars through OneCoin. He carried out these actions under the direction of OneCoin co-founder Ruja Ignatova, who remains at large. Another co-founder, Karl Sebastian Greenwood, was sentenced to 20 years in prison for fraud and money laundering in September 2023 and ordered to pay $300 million in restitution to OneCoin victims. Former OneCoin chief compliance officer Irinia Dilkinska pleaded guilty to two felony counts and was sentenced to four years in prison on April 3.
US enforcement agencies are increasing their efforts to combat crypto-related crimes.