Two Bulgarians have been sentenced to prison for their roles in an online money laundering scheme that stole approximately $1.2 million from U.S. residents.

“Ivaylo Vasilev Pletnyov and Nikolay Georgiev Minchev used eBay and other Web sites to advertise expensive vehicles and boats they did not own…The two defendants and co-conspirators ran the scheme from about July 2005 to May 2006,” writes Computerworld’s Grant Gross.

“Pletnyov, 39, of Svishtov, Bulgaria, was sentenced Wednesday in U.S. District Court for the District of Columbia to four years in prison for conspiracy to commit money laundering,” Gross writes. “He was also ordered to pay $306,502 in restitution…Minchev, 45, of Sofia, Bulgaria, was sentenced Wednesday to 30 months in prison for conspiracy to commit wire fraud, and was also ordered to pay $270,444 in restitution.”

Click here to read the Computerworld story.