YMCO Money-Laundering Leader Pleads Guilty in U.S.

Oleg Korniev, 42, pleaded guilty in a U.S. court to helping lead Your Mule Cashout, or YMCO, an international money-laundering network used by cybercriminals to move stolen funds out of the United States, mainly to Eastern Europe.

YMCO recruited more than 15,000 U.S. residents as money mules and laundered at least $10 million stolen from more than 750 U.S. bank accounts. Cybercriminals paid the organization a percentage of the funds it processed.

YMCO told recruits they would receive legitimate business payments in their personal bank accounts. It instructed them to withdraw the money and wire it to overseas accounts. The funds were stolen proceeds, and the recruits were not paid for the transfers.

Court documents say Korniev helped create YMCO’s policies and procedures, hired and managed employees, and rewarded or disciplined them based on their performance. He also obtained illegal services that supported the organization’s operations.

Korniev admitted responsibility for more than $14.7 million in actual and intended losses and at least $7 million laundered for cybercriminals. He agreed to provide full restitution to identified victims and forfeit cash seized when he was arrested in the Republic of Georgia.

He pleaded guilty to money laundering, computer fraud, access device theft and aggravated identity theft. He faces a prison sentence of two to 50 years.

Four other YMCO members were previously arrested abroad and extradited to the United States. They pleaded guilty, received prison sentences ranging from 37 to 63 months and were each ordered to pay more than $9.1 million in restitution.