A Buford man has been sentenced to three years, 10 months in prison for conducting an unlicensed money transmitting business which transferred over $150 million in Russian money.
According to U.S. Attorney Buchanan, the charges and other information presented in court: Feliks Medvedev is a Russian citizen.
He registered eight companies in Georgia that were used to transmit more than $150 million in over 1,300 transactions. The companies were headquartered in Buford and Dacula, but they did not have typical business expenses or employees. The money was used, in part, to purchase over $65 million in overseas gold bullion. Medvedev transferred millions of dollars overseas from multiple bank accounts in the U.S.
As part of the conspiracy, Medvedev worked with a Russian company and was directed by multiple Russian nationals at that company to make illegal transfers of funds. Subsequent to Medvedev’s indictment, on September 14, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control, acting pursuant to Executive Order 14024, sanctioned two of Medvedev’s co-conspirators: Russian national Alexey Chubarov and his company KSK Group.
Earlier this year, Chubarov, KSK Group, and Russian national Lev Solyannikov were separately indicted in the Northern District of Georgia for conspiring with Medvedev.