Bail Granted to OneCoin Lawyer for Appeal Against Conviction and 10-Year Sentence

Mark Scott, a lawyer who was involved in the fraudulent OneCoin crypto scheme, has been granted bail while awaiting an appeal of his case. This decision came three months after Scott was sentenced to 10 years in prison for fraud and money laundering. Judge Edgardo Ramos, of the United States District Court for the Southern District of New York, approved his bail application on April 18. The court filing also mentioned Scott’s health issues, which his legal team argued did not make him a flight risk. Judge Ramos stated that based on the evidence presented, including Scott’s medical conditions and the fact that he was not charged with a violent crime, he did not believe Scott would flee or pose a danger if released on bail.

Scott’s legal team submitted a notice on February 7, expressing their intention to appeal the verdict. They raised concerns about the credibility of Konstantin Ignatov, the brother of Ruja Ignatova, also known as the “Cryptoqueen,” and a key figure in the OneCoin scheme. The defense alleged that Ignatov committed perjury during the trial, but despite this, his testimony was still used by the prosecutors. Judge Ramos stated that he was doubtful that Scott would be successful in obtaining a reversal or new trial on both counts. He acknowledged that the legal questions raised were not frivolous and were significant enough to potentially require a reversal or new trial on all the charges against Scott.

In November 2019, Scott was found guilty of conspiracy to commit bank fraud and conspiracy to commit money laundering, as he played a role in laundering millions of dollars through OneCoin. Scott carried out these illegal activities under the direction of Ruja Ignatova, who still remains at large. Another co-founder of OneCoin, Karl Sebastian Greenwood, was sentenced in September 2023 to 20 years in prison for fraud and money laundering and was ordered to pay $300 million in restitution to the victims of OneCoin. Irinia Dilkinska, the former chief compliance officer of OneCoin, pleaded guilty to two felony charges and received a four-year prison sentence on April 3.

Despite Scott’s conviction and the prison sentence he is currently serving, his legal team remains hopeful that an appeal will yield a different outcome. With bail granted, Scott will remain out of prison during the appeals process. The decision to grant him bail was based on his health issues and the absence of violent crime charges. Judge Ramos maintained his skepticism regarding the potential success of Scott’s appeal.