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Igor Buzyukov, Money Laundering, Trenton NJ, 2020
TRENTON, N.J. – Igor Buzyukov, 52, of Weston, Florida, is headed to federal prison after being sentenced to 37 months for his role in a sophisticated money laundering operation connected to a $9 million business account takeover scheme. The scheme preyed on a California-based financial technology company, leaving its clients reeling from substantial losses.
Federal prosecutors revealed that between February and July 2018, thieves targeted clients of Company-1, impersonating company representatives in phone calls. These impostors successfully tricked the tech firm into adding unauthorized bank accounts to victim company profiles, redirecting e-commerce payments into the hands of the criminals. The scale of the fraud quickly ballooned, exceeding $9 million in stolen funds.
The illicit funds didn’t stay put for long. Buzyukov, operating under the guise of a Florida-registered corporation, controlled each of the unauthorized accounts. Once the stolen money landed, he immediately began transferring it to a network of other accounts under his control. But the laundering didn’t stop there. Buzyukov then wired the bulk of the stolen funds to bank accounts located in Russia, Turkey, and Ukraine – a clear indication of international ties to the criminal enterprise.
To further conceal the source of the money, Buzyukov went to the trouble of fabricating fake invoices, attempting to legitimize the large wire transfers. This attempt at deception, however, proved insufficient to evade law enforcement. He ultimately pleaded guilty to conspiracy to commit money laundering before U.S. District Judge Anne E. Thompson.
Judge Thompson didn’t just hand down a prison sentence. In addition to the 37 months behind bars, Buzyukov will serve three years of supervised release following his incarceration. He’s also been ordered to pay $160,000 in restitution, representing his personal profits from the scheme. While a significant portion of the stolen funds remains unaccounted for, this payment offers a small measure of relief to the victims.
The U.S. Secret Service, led by Special Agent in Charge Mark McKevitt in Newark, spearheaded the investigation. Assistant U.S. Attorney Anthony Torntore of the U.S. Attorney’s Cybercrime Unit successfully prosecuted the case. The conviction serves as a warning: laundering money obtained through complex fraud schemes, even those with international connections, will not go unpunished. The unidentified individuals who initiated the account takeover scheme remain at large.
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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