US Department Of Justice: Owner Of Bitcoin Exchange Sentenced To Prison For Money Laundering Date
12/01/2021
A Bulgarian national who was convicted by a federal jury for his role in a transnational and multimillion-dollar scheme to defraud American victims was sentenced today to 121 months in prison.
Acting Assistant Attorney General David P. Burns of the Justice Department’s Criminal Division, U.S. Attorney Robert M. Duncan Jr. of the Eastern District of Kentucky, and Resident Agent in Charge John Oldham of the U.S. Secret Service made the announcement.
U.S. District Court Judge Robert E. Weir sentenced Rossen G. Iossifov, 53, formerly of Bulgaria, for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense and conspiracy to commit money laundering.
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Owner of Digital Currency Exchange Sentenced to 10 Years for Money Laundering
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.