A Finnish court has sent two money launderers to prison for three years each over their role in moving proceeds from a massive Ponzi scheme across European bank accounts.

Sergejs Vasiljevs, a Finland resident, received four wire transfers totaling €1.14 million from his son in the UK. The son funneled the money into a company account under Vasiljevs' control. A criminal trial proved the cash came directly from Recyclix, a Polish investment scheme that defrauded nearly 39 million euros from investors before vanishing in early 2017.

The scheme's exit was brazen. Recyclix claimed a fire had destroyed its fictional recycling facility, wiping out the operation and investor money overnight.

Vasiljevs didn't stop there. Once the money hit his company account, his accountant Marina Putskova moved it again—this time to his son's accounts in Latvia and various other foreign banks. The layering masked the scheme's origins.

The court found no legitimate business reason for any of the transfers. Vasiljevs knowingly received stolen money. Putskova knew something was wrong. The company account sat dormant before the initial transfer arrived, yet she processed the transactions without question. That negligence made her complicit.

Both received identical sentences: three years in prison plus a five-year ban from doing business in Finland. Putskova's accounting firm took a separate €9,000 fine.

Italy's financial regulator, CONSOB, officially banned Recyclix nationwide in mid-2016. Polish authorities, by contrast, took no action. The people running the scheme remain free.

🤖 Quick Answer

What was the Recyclix scheme and how did it defraud investors?
Recyclix was a Polish investment scheme that defrauded approximately 39 million euros from investors before disappearing in early 2017. The operation claimed a fire destroyed its fictional recycling facility, providing a pretext for the sudden collapse and disappearance of all investor funds.

Who were the individuals sentenced in the Finnish court case?
Sergejs Vasiljevs, a Finland resident, and Marina Putskova, his accountant, received three-year prison sentences for money laundering. Vasiljevs received wire transfers totaling €1.14 million from his son in the UK, which originated from Recyclix proceeds.

How did the money laundering operation function across borders?
Vasiljevs' son in the United Kingdom received funds from Recyclix and transferred them to his father in Finland.

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