Janice R. Andrews
Federal task force officials detained Vadim Wolfson, a Russian national and lawful permanent resident of the United States, in Austin today. Wolfson’s connections to Bank Otkritie and his alleged legal infractions are disclosed in court documents.
In 2018, Wolfson, the creator of Bank Otkritie, moved to the United States. Along with co-defendants Andrey Kostin and a New Jersey-based American national, he is accused of money laundering and violating the International Emergency Economic Powers Act (IEEPA).
The three allegedly used shell corporations to access millions of dollars’ worth of assets, which benefited Kostin, a Russian tycoon under sanctions connected to VTB Bank. Superyachts and opulent homes, including one in Aspen, were among the properties in question.
Amid the Russia-Ukraine war, Kostin, who has been under sanctions since 2018, was apparently notified of possible new U.S. penalties. He allegedly didn’t let it stop him, recognizing potential connections to Vladimir Putin’s closest circle.
The approximately $10 million worth of Wolfson’s properties in Austin raise concerns about his presence in the city. The inquiry highlights initiatives to maintain national security interests and implement penalties.
We are awaiting attorney information for Wolfson; we will notify you as soon as it becomes available. Keep checking back for more updates on this developing tale.
