site.btaBulgarian Citizen Pleads Guilty to International Money Laundering and Fraud Scheme in US

Stefan Chernev, age 49, and a citizen of Bulgaria, pled guilty on Wednesday to conspiracy to commit international money laundering, the reported the U.S. Attorney's Office, Northern District of New York. 

Chernev admitted that he worked with his brother, Ivan Chernev, and a third coconspirator to form shell companies, most of which had a variation of “Yellow Pages” in their name. 

From about 2011 to 2015, Stefan Chernev, Ivan Chernev, and the third coconspirator used the shell companies to steal money from medical providers, churches and small businesses throughout the United States, including some in the Northern District of New York, by sending false invoices to the victims indicating they had ordered online advertising services when no such services had ever been ordered or provided.  When the victims failed to pay the false bills, Stefan Chernev and his coconspirators sent them false collections notices.  They instructed the victims to mail checks to various Post Office Boxes throughout the United States that Stefan Chernev and his coconspirators rented. They then instructed the mail forwarding companies where they rented the Post Office Boxes to forward the checks to Post Office Boxes in Canada or mail forwarding businesses near the Canadian border in the Northern District of New York, the press release said.

Once Stefan Chernev, Ivan Chernev and the third coconspirator received the checks, they deposited the checks in bank accounts they controlled in Canada.  In total, they stole at least USD 1.24 million from victims throughout the United States.

Chernev faces up to 20 years in prison, a fine of up to USD 250,000, and a term of supervised release of up to 3 years, when he is sentenced on March 25, 2024 by Senior United States District Judge Frederick J. Scullin, Jr. Chernev will also be ordered to pay restitution to his victims.

Ivan Chernev pled guilty to the same charge and was sentenced, on December 3, 2020, to 68 months in prison.