Rossen G. Iossifov, the owner of Bitcoin Exchange who was accused money laundering for a Romanian gang that publishes fake car listings on eBay, has been condemned to 10 years in prison. According to the Ministry of Justice, Iossifov was convicted “for conspiracy to commit an offense against the Racketeer-Influenced and Corrupt Organizations (RICO) Act and Conspiracy to Commit Money Laundering”. Based on the evidence before the court, Iossifov knowingly helped the fraud gang launder the proceeds of their fraudulent scheme while taking steps to protect themselves from criminal liability.
The DOJ arrested Romanian fraudsters in 2019 and 20 people were charged with RICO, wire fraud, identity theft and money laundering. Iossifov’s company, RG Coins, based in Bulgaria, was one of two stock exchange authorities identified for the money laundering side of the transaction. The DOJ said the gang was posing as military personnel looking to sell their cars on Craigslist and eBay before deployment. They made their profiles legitimate by stealing pictures and names from real people in order to convince buyers to pay for them before delivery, and their profiles looked convincing enough to rip off at least 900 Americans.