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RG coins Bulgarian crypto Exchange owner charged over auction fraud scheme

RG coins Bulgarian crypto Exchange owner charged over auction fraud scheme

Quick Take

1 minute read

  • Rossen Iossifov has just recently been convicted of operating a multi-million dollar money-laundering operation in a transactional auction fraud scheme.
  • Following a two week trial, the man behind the scheme was found guilty by a federal jury in Frankfort Kentucky as well as being part of a conspiracy to commit money laundering and even a conspiracy to commit racketeering.

A Bulgarian national and the owner of RG coins cryptocurrency platform, Rossen Iossifov has just recently been convicted of operating a multi-million dollar money-laundering operation in a transactional auction fraud scheme.

Following a two week trial, the man behind the scheme was found guilty by a federal jury in Frankfort Kentucky as well as being part of a conspiracy to commit money laundering and even a conspiracy to commit racketeering. However, he will not be facing any sentencing until January next year.

Around 900 people from the United States have been conned in this scheme that saw the company post advertisements on popular auction platforms such as craigslist and eBay for high-value goods such as vehicles that just simply did not exist.

The scammers would provide their victims with fraudulent documents and invoices which would feature the logos of reliable and branded companies to make it look like it was a legitimate business opportunity. Once they receive payment, the people working for the scheme would convert the funds into cryptocurrency and transfer the proceeds to offshore money launderers.



It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

 

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