A Bulgarian national along with his Romanian co-conspirators was sentenced to 10 years in jail after he was caught being involved in a major crypto fraud. All of the participants in the fraud were charged after the multimillion-dollar scheme for defrauding over 900 Americans was exposed so let’s read more in today’s crypto news.
The Bulgarian national was sentenced to 10 years in prison after he was initially convicted in a transnational million dollar scheme to defraud American citizens. According to an official announcement, Rossen Yossifov is a 53-year old man who has managed to defraud hundreds of American citizens in a well-designed illegal endeavor. He managed to promote the so-called RG Coin which is a crypto exchange based in Sofia, Bulgaria. The US court has not sentenced him for conspiracy to commit Racketeer Influenced and Corrupt Organizations ACT offense and also a conspiracy to commit money laundering.
At the time of committing his crime, Iossifov and his Romanian co-conspirators who are part of the Alexandria Online auction Fraud Network which engaged in large-scale online fraud. They organized a false account that victimized about 900 Americans in its course. Iossifov was charged with participating and dictating international fraud for months. According to the initial court documents, the scammers made everything seem legit and even provided invoices with trademarks of reputable companies to their victims. One of the main ways to scam people was the designed scheme that catered to criminal enterprises by providing a better exchange rate for the AOAF Network members.
The Romania-based fraudsters posted fake advertisements and popularized auctions for very expensive goods and vehicles that didn’t exist. They established call centers to start offering support and to advise client questions and to alleviate concerns over the advertisements. Victims had to fulfill a payment once convinced and domestic associates of the criminals will then accept the money, convert them into crypto and transfer them to foreign money launderers. Iossifov was the first man to facilitate and the last stage of the scheme.
Some of the trial’s evidence revealed that in less than three years, Iossifov laundered about $5 million in crypto for just four of his partners which represent over $7 million in funds defrauded from American victims. Iossifov also made about $184,000 in proceeds from these transactions as the official court publication noted. Apart from Iossifov and the five co-operators, 17 members of the crime group will face the group for their role in the scheme.
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Seven others faced sentences with verdicts of up to 96 months and three of them are fugitives.
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