Rossen Iossifov, a 53-year-old Bulgarian nationwide and owner of the ‘RG Cash’ cryptocurrency exchange, has been convicted of working a multi-million greenback cash laundering ring as a part of a transnational auction fraud scheme.
Following a two-week trial Iossifov was discovered responsible by a federal jury in Frankfort, Kentucky, of conspiracy to commit cash laundering and conspiracy to commit racketeering. The Kentucky resident will face sentencing on Jan. 12, 2021.
The jury discovered that a minimum of 900 U.S. residents have been conned in a scheme that noticed Iossifov’s Romania-based accomplices put up ads on widespread auction platforms like eBay and Craigslist for high-value items akin to autos that didn’t exist.
In keeping with a Division of Justice launch, scammers would offer their victims with fraudulent paperwork and invoices that includes the emblems of respected corporations to domesticate the looks of legitimacy, and even employed name facilities and “assist workers” to alleviate their consumers’ issues.
As soon as that they had acquired fee, Iossifov would convert the funds into crypto property and switch the proceeds to off-shore cash launderers. The jury discovered that Iossifov knowingly offered providers to the felony syndicate from a minimum of September 2015 till December 2018 — exchanging greater than $four.9 million value of Bitcoin for 4 different members of the group.
Arrests have been carried out by U.S. state and federal authorities with help offered by the Romanian Nationwide Police and the Romanian Company for Prosecuting Organized Crime.
Iossifov is the 17th defendant to have been convicted within the case, with three different fugitives at present at giant. A couple of dozen of the defendants have been extradited from Romania.
RG Cash was based in April 2014, with the web site promoting hardware wallets and facilitating cryptocurrency exchange for the Japanese European area.