A federal jury in Frankfort, Kentucky, found the owner of the cryptocurrency exchange RG Coins guilty of a large-scale fraud scheme. Its victims numbered at least 900 Americans, сообщили in the U.S. Department of Justice.
Bulgarian national Rossen Iosifov was one of seventeen defendants in the case. Along with the other defendants, he participated in a criminal conspiracy whose essence was the sale of non-existent goods through popular online auction sites.
To conceal the fraud, the offenders used forged documents and created a bogus customer-support operation. The proceeds were converted into cryptocurrency via his Bitcoin exchange. From September 2015 through December 2018, he managed to exchange more than $4.9 million.
Jurors found Iosifov guilty of participating in a criminal organization and money laundering. A final sentence will be delivered on January 12, 2021.
Earlier in September, federal prosecutors in South Florida accused a resident of Washington of creating a pyramid scheme and launching a purported diamond-backed crypto asset.
Follow ForkLog news on Facebook!