Science & Tech · Cybersecurity · 10 hrs ago
YMCO Leader Pleads Guilty in US Money-Laundering Case
Oleg Korniev, a dual citizen of Ukraine and Russia, pleaded guilty in a US court to crimes linked to Your Mule Cashout, an international money-laundering network.
The network helped cybercriminals move money stolen from US bank accounts to other countries, mainly in Eastern Europe.
It recruited more than 15,000 US residents by telling them they were handling legitimate business transfers.
In fact, they withdrew stolen money and sent it overseas, and were not paid.
The network is estimated to have laundered at least $10 million from more than 750 US bank accounts.
Korniev admitted to causing more than $14.7 million in actual and intended losses and laundering at least $7 million.
He agreed to repay known victims and forfeit cash seized when he was arrested in Georgia; he faces between two and 50 years in prison.
Oleg Korniev, a leader of the Your Mule Cashout network, pleaded guilty in a US court to charges linked to money laundering for cybercriminals.
Korniev admitted causing more than $14.7 million in actual and intended losses and laundering at least $7 million.
YMCO recruited more than 15,000 US residents as money mules and laundered at least $10 million from over 750 US bank accounts.
The network helped cybercriminals conceal stolen money and transfer it abroad, primarily to Eastern European countries.
Korniev faces between 2 and 50 years in prison and agreed to provide restitution to known victims.
- Who
- Oleg Korniev, a dual citizen of Ukraine and Russia and a leader of Your Mule Cashout.
- What
- He pleaded guilty to money laundering, computer fraud, access device theft and aggravated identity theft charges.
- When
- Not stated.
- Where
- In a US court. The network transferred money primarily to Eastern European countries.
- Why
- YMCO helped cybercriminals conceal stolen money and move it abroad in exchange for a percentage of the funds.
This story does not have two clearly opposing sides.
This story does not have a timeline yet.
- YMCO recruits
- More than 15,000 US residents
- Laundered funds
- At least $10 million from over 750 US bank accounts
- Korniev’s admitted losses
- More than $14.7 million in actual and intended losses
- Korniev’s admitted laundering
- At least $7 million
- Potential prison term
- Between 2 and 50 years
Sources
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