Indictment of Iurii Gugnin
In an ongoing effort to strengthen national security measures, a New York resident has been charged with a staggering array of offenses related to money laundering and sanctions violations. Iurii Gugnin, also recognized by the names Iurii Mashukov and George Goognin, is facing a 22-count indictment that alleges he misused his cryptocurrency venture, Evita, to facilitate over $500 million in illicit payments through U.S. banking channels and cryptocurrency platforms.
Charges Against Gugnin
Gugnin, 38, is accused of orchestrating a sophisticated scheme that involved wire and bank fraud, conspiracy to defraud the U.S. government, and violations of the International Emergency Economic Powers Act (IEEPA), among other serious charges. Authorities claim that he established a façade of legitimacy for his companies, Evita Investments and Evita Pay, which purportedly aimed to assist foreign clients, many linked to sanctioned Russian banks, in accessing U.S. financial systems.
Statements from Authorities
John A. Eisenberg, the Assistant Attorney General for National Security, highlighted the gravity of the situation, stating, “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money.”
The investigation revealed that Gugnin’s operations were designed to help sanctioned banks in Russia and facilitate the acquisition of sensitive U.S. technology, underscoring the threat posed to national security by such actions.
Financial Manipulations
U.S. Attorney Joseph Nocella Jr. labeled Gugnin’s operations a blatant abuse of the financial system, asserting that his actions included misleading banks and exchanges about the true nature of his business and connections to sanctioned entities in Russia. The indictment notes that between June 2023 and January 2025, approximately $530 million was funneled through the U.S. financial system via the cryptocurrency stablecoin Tether, also known as USDT.
Gugnin allegedly contrived methods to obscure the sources of funds, employing various techniques to hide the identities of the transaction counterparties. Complicating matters further, it was revealed that he maintained personal accounts at sanctioned Russian banks while living in the U.S., which contradicts his repeated assertions of compliance with U.S. laws.
Failures in Compliance
Besides the money laundering allegations, prosecutors assert that Gugnin neglected to establish an effective anti-money laundering (AML) compliance regimen for Evita, failing to file necessary suspicious activity reports as stipulated by the Bank Secrecy Act. Despite claiming rigorous adherence to AML standards to banks and exchanges, he actively circumvented these regulations, even registering Evita Pay as a money transmitter under false pretenses to allow for the processing of transactions.
The investigation uncovered that Gugnin had searched online for information related to criminal investigations, suggesting he was aware of the illicit nature of his actions. He explored topics related to money laundering penalties in both the U.S. and Europe, indicating a conscious effort to evade legal repercussions.
Potential Consequences
If found guilty on all counts, the penalties for Gugnin could be severe, with potential prison sentences totaling up to 30 years for bank fraud and 20 years for each count of wire fraud and related conspiracy charges. The case is being prosecuted by Assistant U.S. Attorney Matthew Skurnik and Trial Attorney Dallas Kaplan from the National Security Division.
Significance of the Indictment
This indictment represents a significant effort by the Justice and Commerce Departments’ Disruptive Technology Strike Force, aimed at dismantling operations that exploit innovative financial technologies for illicit purposes. Authorities are determined to ensure that financial systems remain secure and resistant to manipulation by foreign adversaries.
