● Covered by 2 sources · 2 reportsMedium impact2 neutral
Leader of "Your Mule Cashout" Pleads Guilty to Laundering Millions for Cybercriminals
Key points
- Oleg Korniev, a YMCO leader, pleaded guilty to money laundering charges.
- YMCO operated from 2007 to 2014, recruiting over 15,000 money mules.
- The operation laundered at least $10 million from 750 U.S. bank accounts.
- Total losses from YMCO's activities exceeded $14.7 million.
- Mules were recruited through fake job offers and legitimate-seeming hiring processes.
YMCO Leader Pleads Guilty
Oleg Korniev, a 42-year-old dual citizen of Ukraine and Russia, has pleaded guilty in U.S. federal court to charges related to his role as a leader of the "Your Mule Cashout" (YMCO) money laundering operation. Korniev's plea acknowledges his involvement in a scheme that laundered millions of dollars for cybercriminals globally.
Extensive Money Laundering Operation
YMCO operated from September 2007 until 2014, establishing a network that utilized more than 15,000 money mules. These mules were primarily located in the United States, but the operation also extended to Germany, Italy, the United Kingdom, and Australia. The organization laundered at least $10 million for hackers who compromised 750 U.S. bank accounts using malware, leading to total losses exceeding $14.7 million.
Recruitment and Management
Korniev was responsible for managing YMCO's employees, including hiring and firing, and implementing policies and procedures for the money laundering activities. The operation recruited U.S. residents as money mules through spam emails from fake companies. These individuals underwent what appeared to be a legitimate hiring process, including employment tests, contract reviews, and company policy reviews, and were told they would process payments for legitimate businesses. They were instructed to receive money into their accounts and then transfer it to company accounts overseas, often wired to Eastern Europe via services like Western Union or MoneyGram.
Previous Arrests and Sentences
Four other individuals involved with YMCO were arrested overseas over a decade ago. They were extradited to the Western District of North Carolina, where they pleaded guilty to conspiracy to commit money laundering. These individuals received prison sentences ranging from 37 to 63 months and were each ordered to pay over $9.1 million in restitution to U.S. victims.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
Oleg Korniev, a leader of the "Your Mule Cashout" (YMCO) operation, pleaded guilty to charges including money laundering and computer fraud. YMCO laundered at least $10 million for hackers by recruiting over 15,000 unwitting money mules across multiple countries, impacting 750 U.S. bank accounts.
Oleg Korniev, a Ukrainian-Russian dual citizen, pleaded guilty to operating a money laundering network called Your Mule Cashout (YMCO) that used over 15,000 U.S. money mules. The operation laundered millions for cybercriminals, processing over $10 million stolen from U.S. bank accounts and causing over $14.7 million in losses.