Rossen Iossifov, a 53-year-old Bulgarian nationwide and proprietor of the ‘RG Cash’ cryptocurrency change, has been convicted of working a multi-million greenback cash laundering ring as a part of a transnational public sale fraud scheme.

Following a two-week trial Iossifov was discovered guilty by a federal jury in Frankfort, Kentucky, of conspiracy to commit cash laundering and conspiracy to commit racketeering. The Kentucky resident will face sentencing on Jan. 12, 2021.

The jury discovered that at the least 900 U.S. residents have been conned in a scheme that noticed Iossifov’s Romania-based accomplices publish ads on standard public sale platforms like eBay and Craigslist for high-value items akin to automobiles that didn’t exist.

In keeping with a Division of Justice launch, scammers would offer their victims with fraudulent paperwork and invoices that includes the emblems of respected corporations to domesticate the looks of legitimacy, and even employed name facilities and “assist employees” to alleviate their patrons’ considerations.

As soon as that they had obtained cost, Iossifov would convert the funds into crypto belongings and switch the proceeds to off-shore cash launderers. The jury discovered that Iossifov knowingly supplied providers to the felony syndicate from at the least September 2015 till December 2018 — exchanging greater than $4.9 million value of Bitcoin for 4 different members of the group.

Arrests have been carried out by U.S. state and federal authorities with help supplied by the Romanian Nationwide Police and the Romanian Company for Prosecuting Organized Crime.

Iossifov is the seventeenth defendant to have been convicted within the case, with three different fugitives presently at massive. A couple of dozen of the defendants have been extradited from Romania.

RG Cash was based in April 2014, with the web site promoting {hardware} wallets and facilitating cryptocurrency change for the Japanese European area.