A Russian national who co-founded a criminal organization responsible for stealing more than $560 million from tens of thousands of victims was sentenced to a decade in jail on Friday, the Justice Department announced.
Russian citizen Sergey Medvedev co-founded the global fraud operation known as Infraud, according to a Justice Department news release.
Infraud committed financial fraud and stole identities, boasting more than 10,000 participants at its height.
Medvedev, 33, conducted illegal transactions in the Infraud network starting in November 2010 until law enforcement shut down the operation in February 2018, court documents said.
Infraud, one of the biggest organizations the Justice Department has ever prosecuted, oversaw the exchange of stolen identities, fake documents, stolen credit and bank account information and other contraband.
The group’s motto was “In Fraud We Trust.”
The organization sold or purchased more than 4 million credit and debit card numbers and led to the loss of more than $568 million, according to prosecutors.
Medvedev pleaded guilty to one count of racketeering conspiracy last June in Nevada.
Cyber crime complaints from Americans reached a record high in 2020, according to an FBI report.
The Justice Department didn’t immediately respond to a request for comment.
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