A prisoner already behind bars for fraud now faces new charges for allegedly pilfering hundreds of thousands of dollars in digital assets to prevent seizure by the authorities.
Bulgarian national and 53-year-old Rossen G. Iossifov is accused of moving approximately $290,000 worth of cryptocurrency that had been forfeited to the government, says the U.S. Department of Justice (DOJ).
Court documents show that in January 2024, Iossifov allegedly conspired to relocate the forfeited crypto trove following his conviction in 2021 over his role in a multimillion-dollar fraud scheme that fleeced American victims. At the time, Iossifov was serving 111 months in prison and was ordered to pay over $2.64 million in restitution and to forfeit the cryptocurrency involved in the crime.
Iossifov allegedly transferred the forfeited crypto stack through multiple digital asset exchanges and illicit mixing services in an effort to prevent the US government from obtaining possession of the funds.
Says Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division,
“Having been convicted of a widespread online auction fraud scheme targeting U.S. victims, Iossifov is now charged with moving cryptocurrency that he obtained from that crime, in violation of a court’s forfeiture order. Defendants who flout lawfully entered orders and portions of their criminal sentences in prior federal cases will be charged with such obstructive conduct. The Department of Justice will take all steps to ensure that justice is served for victims of complex financial crimes.”
Iossifov is facing charges of removal of property to prevent seizure and conspiracy to commit money laundering. If convicted, he faces a maximum penalty of 25 years behind bars.
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