Bulgarian national Rossen G. Iossifov, a 53-year-old federal inmate, has been charged with moving approximately $290,000 in cryptocurrency that had been forfeited to the U.S. government, according to the Department of Justice. The alleged conduct occurred in January 2024, three years after Iossifov's 2021 conviction for his role in a multimillion-dollar online auction fraud scheme that targeted American victims. Prosecutors say Iossifov transferred the forfeited digital assets through multiple exchanges and illicit mixing services to prevent authorities from obtaining possession of the funds. Iossifov was already serving a 111-month prison sentence and had been ordered to pay over $2.64 million in restitution and forfeit cryptocurrency involved in the original crime. The new charges—removal of property to prevent seizure and conspiracy to commit money laundering—carry a maximum penalty of 25 years in prison.
Iossifov Sentenced to 111 Months in 2021 for Multimillion-Dollar Fraud
Court documents show that Iossifov was convicted in 2021 for his role in a multimillion-dollar fraud scheme that defrauded American victims. At the time of his conviction, he was sentenced to 111 months in prison and ordered to pay over $2.64 million in restitution. The court also ordered Iossifov to forfeit the cryptocurrency involved in the crime. The original fraud scheme involved online auction fraud that targeted victims across the United States.
DOJ Files New Charges for Alleged Cryptocurrency Movement
The Department of Justice alleges that in January 2024, Iossifov conspired to relocate the forfeited cryptocurrency following his 2021 conviction. Prosecutors say he transferred the digital assets through multiple digital asset exchanges and illicit mixing services in an effort to prevent the U.S. government from obtaining possession of the funds. Assistant Attorney General A. Tysen Duva of the Justice Department's Criminal Division stated, "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 faces 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.
FAQ
What did Rossen G. Iossifov allegedly do in January 2024?
Rossen G. Iossifov, a 53-year-old Bulgarian national and federal inmate, allegedly moved approximately $290,000 in cryptocurrency that had been forfeited to the U.S. government in January 2024. Prosecutors say he transferred the digital assets through multiple exchanges and illicit mixing services to prevent authorities from obtaining possession of the funds. The cryptocurrency had been ordered forfeited following his 2021 conviction for a multimillion-dollar online auction fraud scheme.
What charges does Iossifov face for the alleged cryptocurrency movement?
Iossifov faces charges of removal of property to prevent seizure and conspiracy to commit money laundering. If convicted on these charges, he faces a maximum penalty of 25 years in prison. He is already serving a 111-month sentence for his 2021 conviction in the online auction fraud case.
Why was Iossifov originally sentenced to prison in 2021?
Iossifov was convicted in 2021 for his role in a multimillion-dollar online auction fraud scheme that targeted American victims. He was sentenced to 111 months in prison and ordered to pay over $2.64 million in restitution. The court also ordered him to forfeit the cryptocurrency involved in the crime.
