A Former Locke Lord LLP partner who was found guilty of laundering nearly $400 million in proceeds from a global cryptocurrency fraud operation has been granted bail pending an appeal. The Manhattan federal judge, presiding last Thursday, granted the former partner’s motion for bail, effectively delaying his 10-year prison sentence.
Judge’s decision came after assessing the defendant’s medical conditions, stating that he does not pose a flight risk. The accused played a significant role in the infamous OneCoin cryptocurrency scam, which has rocked the global cryptocurrency scene.
While the appeal process is on-going, it is unclear what terms have been set for the convictees bail and how the appeal may impact future sentencing. The laundering of massive amounts through digital assets, as in this case, underlines the increasing concearn and scrutiny regulators and law enforcement agencies are placing on digital currencies.
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