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Fraud

Bulgarian Prosecutors Convict Two Men of Money Laundering from Investment Fraud

Strategic Insights

— 1 min read

The Prosecutor's Office of the Republic of Bulgaria has issued a news release announcing the conviction of two men, M.K. and A.A., accused of money laundering from investment fraud. M.K., a 53-year-old man from Popovo, was found guilty of using a private company's bank account to receive funds from German citizens who were misled into making investments. He will serve a 1-year imprisonment sentence and pay a fine of 5,000 leva. A.A., a 49-year-old man from Popovo, was sentenced to 1 year in prison, suspended for 3 years, and also fined 5,000 leva. Both men will jointly and severally pay the state 527,252.88 leva, as well as the costs incurred in the case.

Key Takeaways:

  • M.K. was convicted of using a private company's bank account to receive 269,575 euros from German citizens who were misled into making investments.
  • A.A. was sentenced for being involved in the same money laundering scheme.
  • M.K. will serve a 1-year imprisonment sentence under a general regime and pay a fine of 5,000 leva.
  • A.A. will serve a 1-year prison sentence suspended for 3 years and pay a fine of 5,000 leva.
  • Both men will jointly and severally pay the state 527,252.88 leva, as well as the costs incurred in the case.
  • The charges against M.K. and A.A. concern criminal acts that began in late December 2021 and continued until the end of January 2022.
  • The two men used the bank account of the private company to receive five transfers from German citizens who were deceived into making bank investments.

Statistics:

  • 269,575 euros was the amount received by M.K. from German citizens who were misled into making investments.
  • 527,252.88 leva is the amount that both men will jointly and severally pay to the state.
  • 5,000 leva is the fine paid by both M.K. and A.A.
  • 1-year imprisonment sentence is the term served by M.K.
  • 1 year is the prison sentence suspended for 3 years, served by A.A.
  • 5 transfers were made from German citizens who were deceived into making bank investments.

Sources:

  • Prosecutor's Office of the Republic of Bulgaria
  • https://prb.bg/

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