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Exchange Owner Sentenced to 10 Years in Prison

Exchange Owner Sentenced to 10 Years in Prison
  • The US Department of Justice (DOJ) has sentenced Rossen G. Iossifov to 10 years in prison for money laundering.
  • According to the DOJ, Iossifov assisted fraudsters.
  • Iossifov also laundered $5 million in cryptocurrency.

Cryptocurrency exchange owner Rossen G. Iossifov is now sentenced to 10 years in prison for money laundering.

The 53-year-old Bulgarian national owned and managed RG Coins, which he used to commit a multi-million dollar scheme to defraud American citizens.

Currently, he is now incarcerated after a two-week trial last September 2020. Also, he must serve at least 85 percent of his prison sentence under federal law.

According to the Department of Justice, Iossifov “knowingly and intentionally engaged in business practices designed to both assist fraudsters in laundering.”

The DOJ also mentioned that at least five of Iossifov’s clients in Bulgaria were Romanian scammers. They belonged to a criminal enterprise known in court records as the Alexandria (Romania) Online Auction Fraud (AOAF) Network.

According to the court hearing, Iossifov laundered nearly $5 million in cryptocurrency. This shows that the culprits have scammed $7 million in funds from American victims. Iossifov profited with over $184,000 in proceeds from these transactions.

Read Also: BTC Scam Stole $7 Million From US Victims: Culprit Jailed

Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.