Gugnin, who also used the names Iurii Mashukov and George Goognin, was arrested and arraigned in New York Monday. He faces charges including wire and bank fraud, conspiracy to defraud the United States, violations of the International Emergency Economic Powers Act (IEEPA), and operating an unlicensed money transmitting business.

DOJ: Crypto Company Was a Front for Sanction Evasion

According to the Department of Justice, Gugnin used his U.S.-based companies—Evita Investments Inc. and Evita Pay Inc.—to help foreign clients, including those connected to sanctioned Russian banks, bypass U.S. restrictions. Prosecutors say Gugnin’s network moved funds using Tether (USDT) and other cryptocurrencies, converting them into U.S. dollars and wiring them through Manhattan-based bank accounts, all while concealing the true origin and recipients.

“The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money,” said John A. Eisenberg, Assistant Attorney General for National Security. “Over half a billion dollars moved to aid sanctioned Russian banks and obtain sensitive U.S. technology.”

Gugnin allegedly lied to both U.S. banks and crypto exchanges, falsely claiming that Evita had no ties to sanctioned entities. In reality, he maintained personal accounts with Alfa-Bank and Sberbank, both under sanctions, and processed payments for entities like Rosatom, Russia’s state nuclear agency.

Export-Controlled Tech and Falsified Records

Authorities say the scheme was used to procure sensitive U.S. export-controlled electronics, including servers built by American technology firms. Gugnin also manipulated invoices, erasing Russian names and addresses to hide the true counterparties.

Despite claiming compliance with anti-money laundering protocols, Gugnin failed to file Suspicious Activity Reports (SARs) and misled FinCEN and the State of Florida to secure a fraudulent money transmitter license—then used that license to access U.S.-based crypto platforms.

Conscious of Criminal Exposure

Evidence presented includes Google searches made by Gugnin, indicating his awareness of illegal conduct. Search terms included “am I being investigated?”, “money laundering penalties US”, and “Evita Investments Inc. criminal records search.”

“Gugnin’s cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities,” said FBI Counterintelligence Division Assistant Director Roman Rozhavsky. “Using crypto to hide criminal conduct won’t shield you from prosecution.”
Penalties and Charges

If convicted, Gugnin faces:

Up to 30 years per count of bank fraud
Up to 20 years per count of wire fraud, money laundering, and IEEPA violations
Up to 10 years for AML program failures
Up to 5 years for conspiracy to defraud the U.S. and operating without a license

The case highlights growing federal scrutiny of crypto’s role in sanctions evasion, particularly involving state-linked actors in adversarial nations. The DOJ emphasized its continued focus on bringing such offenders to justice to protect U.S. national security.

The post Founder of Crypto Payments Firm Charged with Laundering $500M for Sanctioned Russian Banks appeared first on Coindoo.

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Filed under: Bitcoin - @ June 9, 2025 9:23 pm