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Owner of Digital Currency Exchange Sentenced to 10 Years For Money Laundering

Crime and Incidents digital currency money laundering US US News

Owner of Digital Currency Exchange Sentenced to 10 Years For Money Laundering

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Rossen G. Iossifov was sentenced to 121 months in prison on Tuesday for his involvement in a multi-million dollar scheme to defraud American victims. He must serve 85 percent of his sentence in prison, according to federal law. U.S. District Court Judge Robert E. Weir sentenced Rossen G. Iossifov for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense and conspiracy to commit money laundering. Iossifov, 53, formerly of Bulgaria, owned and managed RG Coins, a cryptocurrency exchange headquartered in Sofia, Bulgaria. “According to the evidence at trial, Iossifov knowingly and intentionally engaged in business practices designed to both assist fraudsters in laundering the proceeds of their fraud and to shield himself from criminal liability,” said the Department of Justice (DOJ) in a statement on Tuesday. Iossifov was convicted in a two-week trial in Frankfort, Kentucky, in September 2020. According to court documents and evidence, the Romania-based …

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