US Govt says OneCoin co-conspirator is flight risk and economic danger to community

Maria Nikolova

The authorities insist that Mark Scott should remain detained pending sentence.

OneCoin co-conspirator Mark Scott, convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud, has clashed with the United States Government over his request to be released on bail pending his sentencing.

Earlier today, the Government submitted a letter at the New York Southern District Court in response to Scott’s motion, which seeks reconsideration of the Court’s March 12, 2020 Order remanding Scott pending his sentencing. According to the US Government, the defendant cannot meet his burden to show by clear and convincing evidence that he does not pose a risk of flight and a financial danger to the community. The Court, the authorities say, should accordingly deny the defendant’s Reconsideration Motion and order that he continue to remain detained pending sentence in this case.

Scott, who faces a Guidelines sentence of 50 years’ imprisonment, is a dual German, the Government notes. If Scott flees to Germany to avoid sentencing in this case, he cannot be extradited.

Furthermore, while released on bail, in July 2019, Scott sold a 2016 Porsche for $250,000. He allegedly did so with full knowledge that he had purchased the 2016 Porsche with OneCoin victim money and that the 2016 Porsche was subject to a seizure warrant and a Forfeiture Bill of Particulars.

While released on bail Scott also used $300,000 in OneCoin victim proceeds that were subject to a restraining order to pay for renovations to his property located at Hyannis Port, Massachusetts.

Marieta Halle, the suretor who had posted $750,000 as security for Scott’s bond, “has a complete lack of confidence in Mr. Scott’s ability and willingness to continue to appear as required to court,” and was therefore appropriately released by the Court as a suretor for Scott’s bond. Scott, accordingly, no longer has a third-party suretor to secure his bond, the Government notes.

Scott’s final argument in his Reconsideration Motion is that he should be released as a result of the COVID-19 pandemic, and his alleged vulnerability based on certain pre-existing health conditions. However, according to the Government, the Bureau of Prisons is equipped to address the current public health crisis.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<