Sentenced to 10 years in prison, lawyer Mark Scott, who laundered $400 million for the cryptocurrency pyramid OneCoin, has been released on bail, reports InnerCityPress.
OPEN THE COURTS: In #OneCoin crypto fraud case Inner City Press yesterday filed brief challenging sealing, today convicted money launderer Mark Scott was granted bail pending appeal — that request is full of redactions too https://t.co/lFGQ5BuSfG pic.twitter.com/KqsVTi23yO
— Inner City Press (@innercitypress) April 18, 2024
Scott will remain free until his appeal is heard.
“Based on the materials presented, considering Scott’s health condition and the absence of charges for violent crime, the court concludes that he is unlikely to flee or pose a danger to any other person or the community,” the ruling states.
In January, the lawyer was sentenced on charges of conspiracy to commit bank fraud and money laundering. He promised to file an appeal, which he submitted in February.
According to documents, the defense suggested that Konstantin Ignatov, brother of OneCoin’s founder Ruja Ignatova, gave false testimony against the lawyer, yet prosecutors still used it in building the case.
“The court finds it highly doubtful that Scott will achieve a reversal or a new trial on both counts,” the documents state.
The financial pyramid OneCoin was founded in 2014 by Ignatova along with Sebastian Greenwood. The project was initially positioned as a high-yield cryptocurrency, where investors profited not only from the asset’s growth but also from recruiting new participants.
Ignatova’s whereabouts have been unknown since 2017. She is on Europol and the FBI’s most wanted lists. In February 2023, journalists reported on her alleged murder, though this information remains unconfirmed.
Greenwood was sentenced in September 2023 to 20 years in prison and a $300 million fine.
Earlier in March 2024, the brother of OneCoin’s founder was released after three years in prison.