bulgarian man rossen g. iossifov was sentenced to 10 yrs in u.s. federal prison jan 12 for his role in a transnational scheme that stole millions of usds from hundreds of americans.
b4 his downfall, iossifov ran rg coins, a crp$ xchange based out of sofia, bulgaria that authorities say frequently acted as a vehicle to launder mny for a criminal syndicate known as the alexandria online auction fraud (aoaf) network—a 20-person crime ring based in bucharest that stole from at least 900 americans via online auction fraud schemes.
members of the network typically posted advertisements for fake luxury goods (usually cars, apparently) on websites like craigslist and ebay. once unsuspecting buyers had forked ‘oer their $$$ to the aoaf for the nonexistent essentialisms, the criminals ‘d engage in “a complicated mny laundering scheme wherein” the mny ‘d be converted into crp$ and then transferred “to foreign-based mny launderers,” of which iossifov was one. all told, the criminals were said to ‘ve stolen ≈ $7 million from victims based inna u.s.
the feds claim iossifov played a big role in these schemes, laundering almost $5 million and making a personal profit of $184,000 inna process. his business practices were “designed to both assist fraudsters” and to “shield himself from criminal liability,” the doj says. as a result, iossifov was convicted of “conspiracy to commit a racketeer influenced and corrupt organizations act (rico) offense and conspiracy to commit mny laundering.” a total of 17 members of the aoaf crime ring ‘ve sfar been convicted for their crimes.
this is definitely not the 1st (or last!) criminal conviction revolving round crp$. a reprt from digital asset intelligence firm ciphertrace released last yr showed that the shady side of the digital $ economy is booming—with fraud nother rel8d criminal activities onna rise—and just tody the president of the €an central bnk, christine lagarde, called for global regulation of btc, condemning its association with “totally reprehensible mny laundering activity.”
original content at: gizmodo.com…
authors: lucas ropek