The owner of RG Coins, Rossen Iossifov, has been found guilty for operating an online auction fraud to defraud the citizens of America.
The 53-year-old Bulgarian citizen used the transnational and multi-million dollar money-laundering scheme to mislead the American citizens.
RG Coin Owner To Face Sentencing Next Year
After the two-weeks trial, the federal jury in Frankfort, Kentucky, convicted Iossifov for conspiring to commit money laundering and racketeering.
The Frankfort jury has further stated that Iossifov will face sentencing against the crime, on January 12, 2021.
As per the federal jury, around 900 US citizens had become victims of this fraud scheme. It further notified that the scheme, with which Iossifov was able to defraud the victims, was started by the Romania-based associates of him.
The associates published an advertisement on some popular platforms for auctions like eBay and Craigslist to defraud the people. However, a few days later, during the investigation, it has been found that the advertisement does not exist now.
The Department of Justice, in its notification, has stated, “The scammers would provide their victims with fraudulent documents and invoices featuring the trademarks of reputable companies to cultivate the appearance of legitimacy, and even employed call centers and support staff to alleviate their buyers’ concerns.”
It further mentioned that Iossifov had planned to convert the received money into the crypto funds to further transfer them to off-shore money launderers.
Romanian Authorities Helped US Authorities
The jury also stated that Iossifov was involved in another criminal activity from September 2015 to December 2018, in which he willingly offered the RG Coins services to the criminal syndicate.
According to the report, the Romanian National Police and the Romanian Agency for Prosecuting Organized Crime helped the US State and the federal authorities in arresting the convicts.
The owner of RG Coins is the 17th defendant who has been convicted in this case. Most of the defendants of this case belonged to Romania, and they have been extradited from there.