The owner and manager of cryptocurrency exchange RG Coins has been handed a lengthy prison term for his involvement in a multi-million dollar scheme to defraud U.S. citizens.
According to a Tuesday press release from the Department of Justice, U.S. District Court Judge Robert Weir sentenced Rossen Iossifov to a 10-year sentence – 85% of which must be served behind bars under U.S. federal law.
The 53-year-old former Bulgarian national was sentenced for conspiracy to commit an offense under the Racketeer Influenced and Corrupt Organizations Act (RICO) and conspiracy to commit money laundering.
Iossifov intentionally engaged in business designed to assist criminals in laundering proceeds of fraud and shielded himself from criminal liability, per the release.
Five of Iossifov’s main clients in Bulgaria belonged to a criminal enterprise dubbed the Alexandria (Romania) Online Auction Fraud (AOAF) Network. So far, 17 members of the AOAF Network have been convicted for their role in the scheme.