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Home Tech Crypto Owner of Crypto Exchange RG Coins Gets 10 Years in Prison for...

Owner of Crypto Exchange RG Coins Gets 10 Years in Prison for Laundering $5M

Document Analysis NLP IA

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negative
sentiment

Sentiment-0.14561403508772
objective
redaction

Subjectivity0.4640350877193
it's an affirmation
Affirmation0.55

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Summary (IA Generated)

The owner and manager of cryptocurrency exchange RG Coins has been handed a lengthy prison term for his involvement in a multi-million dollar scheme to defraud U.

Five of Iossifov’s main clients in Bulgaria belonged to a criminal enterprise dubbed the Alexandria (Romania) Online Auction Fraud (AOAF) Network.

So far, 17 members of the AOAF Network have been convicted for their role in the scheme.

S.

citizens in a “large-scale” operation.

Iossifov undertook the last step in the scheme on behalf of the criminal network, the court found.

In less than three years, Iossifov laundered close to $5 million in cryptocurrency for four of the five AOAF criminal co-conspirators.

In return, Iossifov made over $184,000 in proceeds from the transactions, according to the Department of Justice.


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