Ukrainian Fraudster Sentenced To More Than 9 Years In Prison For $20 Million Decade-Long Conspiracy

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced today that VALENTYN BELAN, a/k/a “Belan Valentin,” a/k/a “Belan Valentyn,” a/k/a “Belan Valentyn Volodymyrovych,” a/k/a “Belan Valentyn Voldymyrovich,” a/k/a “Valentino,” was sentenced to 109 months in prison for a sophisticated fraud scheme lasting more than 10 years during which BELAN invented and promoted fake business opportunities purportedly located in Ukraine and elsewhere.  BELAN previously pled guilty to the scheme on May 29, 2019, and he was sentenced today by U.S. District Judge Gregory H. Woods.

U.S. Attorney Geoffrey S. Berman said:  “For years, Valentyn Belan headed an elaborate fraud in which he convinced his victim to part with more than $20 million to invest in fake business opportunities.  In fact, he created false documents and photos, and even arranged for fake meetings with his co-conspirators to perpetuate the fraud.  Today’s sentence, and the judge’s order to forfeit the $20 million in profit, ensures that Belan is punished for his crimes.”

According to the allegations contained in the Criminal Complaint and the Information, as well as other documents filed in federal court and statements made in public court proceedings:

For more than a decade, BELAN was the mastermind behind a scheme to defraud a Hong Kong national through fake business opportunities that included, among others things, sham investments in real estate, rare earth mines, and oil interests.  In order to induce the victim to invest in those fraudulent opportunities, BELAN employed a litany of elaborate misrepresentations, including numerous falsified documents and photographs, and he orchestrated multiple fake meetings around the world with co-conspirators pretending to be business partners and government officials.  Over the course of the scheme, from October 2008 through December 2018, BELAN defrauded his victim of more than $20 million. 

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In addition to the prison term, BELAN, 39, of Kherson, Ukraine, was sentenced to three years of supervised release, ordered to forfeit $20,107,243, representing proceeds traceable to the charged offense, and to pay restitution in the amount of $13,309,918.

In addition to BELAN, Olena Chumachenko and Nika Khrystych were charged in connection with the fraudulent scheme.  Chumachenko pled guilty to a separate charge of visa fraud and was sentenced to a term of probation by U.S. District Judge Edgardo Ramos.  Khrystych remains at large.  All charges against Khrystych are merely allegations, and she is presumed innocent unless and until proven guilty.

Mr. Berman praised the outstanding investigative work of Special Agents from the U.S. Attorney’s Office for the Southern District of New York, and thanked agents with the U.S. Department of State and U.S. Customs and Border Protection for their excellent assistance throughout the investigation. 

The prosecution of this case is being handled by the Office’s General Crimes Unit.  Assistant United States Attorney Jarrod L. Schaeffer is in charge of the prosecution.