Feliks Medvedev, a 43-year-old Russian citizen residing in Buford, Georgia, was sentenced to three years and 10 months in prison on Wednesday for running an illegal money transmitting business that funneled more than $150 million, including $65 million in overseas gold bullion purchases. In addition to his prison term, Medvedev was fined $10,000 and will face three years of supervised release following his sentence.
According to court documents, Medvedev operated eight Georgia-registered companies that he used to carry out over 1,300 transactions. These companies, based in Buford and Dacula, Georgia, lacked typical business expenses or employees, raising red flags. “This was a sophisticated operation designed to move massive sums of money illegally,” said Assistant U.S. Attorney Christopher J. Huber, who prosecuted the case.
Medvedev worked in collaboration with a Russian company and received directives from multiple Russian nationals to transfer funds through various U.S. bank accounts. The illegal activity attracted the attention of federal authorities and led to a broader investigation into international financial crimes linked to Russian interests.
In response to Medvedev’s indictment, the U.S. Treasury’s Office of Foreign Assets Control sanctioned two of his co-conspirators—Russian national Alexey Chubarov and his company, KSK Group—under Executive Order 14024. Earlier this year, Chubarov and others were indicted for their roles in the conspiracy.
“This case is a testament to the international reach of our investigations,” said Norman L. Barnett, Assistant U.S. Attorney. “We will continue to work tirelessly to expose and dismantle illegal financial networks, especially those that seek to undermine global stability.”
The investigation was led by the FBI and the Department of Commerce’s Bureau of Industry and Security, under the guidance of the Justice Department’s Task Force KleptoCapture, an interagency task force dedicated to enforcing sanctions and countermeasures against Russian actors in response to the invasion of Ukraine.
Medvedev pleaded guilty to the charges earlier this year, and his sentencing marks a significant step in the effort to crack down on illicit financial activities tied to Russian interests. Task Force KleptoCapture, established in March 2022, continues to lead enforcement efforts in response to Russia’s military actions.
“The U.S. government remains resolute in its commitment to disrupting illegal financial activities and holding accountable those who aid efforts to evade sanctions,” said a spokesperson for the task force.
