Lakewood Man Sentenced To Federal Prison For Money Laundering
Monday, November 4, 2024, 9:00 A.M. ET. 1 Minute Read, By Art Fletcher: Englebrook Independent News,
NEWARK, NJ.- On Thursday, October 31, 2024, Eli Schamovic, 43, of Lakewood, New Jersey, appeared in U.S. District Court for the District of New Jersey and was sentenced by U.S. District Court Judge Susan D. Wigenton to 24 months in federal prison to be followed by three years of supervised release for illegally laundering funds in a wire fraud scheme.
According to U.S. Attorney Philip R. Sellinger, Schamovic had previously appeared in U.S. District Court and pleaded guilty before Judge Kevin McNulty to an information charging him with Money Laundering.
According To Charging Documents
According to charging documents filed with the district court, Schamovic made or caused others to make numerous fraudulent financial transactions through at least two entities that Schamovic formed and established as merchants that utilized multiple credit card processing companies.
These transactions resulted in more than $1 million in losses and financial harm to a multinational financial services corporation specializing in payment cards.
Schamovic laundered portions of the scheme’s proceeds, including wire transfers, into a bank account he controlled. In addition to the term of incarceration, Judge Wigenton ordered Schamovic to pay $1.68 million in restitution.
