Crypto exchange owner gets 10 years in prison for aiding scammers
Rossen Iossifov, the convicted owner of the RG Coins crypto exchange platform has actually been sentenced to 10 years jail time for money laundering.As previously reported by Cointelegraph, a federal jury in Frankfort Kentucky discovered the Bulgarian nationwide guilty of conspiracy to commit racketeering and cash laundering back in Sep. 2020. The guilty decision came after just a two-week trial period.According to the United States Justice Department on Tuesday, Iossifov and other RG Coins primary actors took part in a sophisticated cash laundering conspiracy that defrauded at least 900 Americans to the tune of over $7 million.As part of the fraud, Iossifov and other co-conspirators would promote on major auction channels like Craigslist and eBay for non-existent high-end products. The funds from this operation were regularly routed through crypto payments to criminal companies. The Justice Department communique also exposed that Iossifov washed cash for the AOAF, a recognized cybercrime syndicate based in Eastern Europe. In overall, Iossifov supposedly allowed nearly $5 million in filthy money to go through the RG Coins platform in exchange for cryptocurrencies.Despite assertions to the contrary, Iossifovs RG Coins platform based in Bulgaria did not mandate any Know Your Customer compliance. The convicted Bulgarian also supposedly earned $184,000 from the earnings of these cash laundering transactions.Of the 20 primary actors of the RG Coins money laundering scheme, 17 have actually up until now been convicted. Iossifovs jail term is the longest of the 7 individuals sentenced therefore far. Authorities are still on the hunt for the three fugitives still at large.As a federal detainee in the U.S., Iossifov will need to serve a minimum of 85% of his 121-month jail sentence. Iossifov is the current crypto exchange operator to be jailed for money laundering. Back in December 2020, a French court sentenced Alexander Vinnik to 5 years jail time for his function in the BTC-e money laundering case.Title: Crypto exchange owner gets 10 years in prison for aiding scammersSourced From: cointelegraph.com/news/crypto-exchange-owner-gets-10-years-in-prison-for-aiding-scammersPublished Date: Wed, 13 Jan 2021 12:59:31 +0000
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