An Ocean County, New Jersey, real estate investor was sentenced to 24 months in prison on Thursday for illegally laundering the proceeds of a wire fraud scheme.
Eli Schamovic, 43, of Lakewood, New Jersey, previously pleaded guilty before U.S. District Judge Kevin McNulty to an information charging him with money laundering. U.S. District Judge Susan D. Wigenton imposed the sentence today in Newark federal court.
According to U.S. Attorney Philip R. Sellinger, documents filed in the case and statements made in court, Schamovic made or caused others to make numerous fraudulent financial transactions through at least two entities that he formed and established as merchants that used multiple credit card processing companies.
These transactions resulted in more than $1 million in losses to a multinational financial services corporation that specialized in payment cards.
Schamovic laundered portions of the proceeds of this scheme, including through an approximately $500,000 wire transfer from a bank account under his control.
In addition to the prison term, Judge Wigenton sentenced Schamovic to three years of supervised release and ordered restitution of $1.68 million.