Lakewood, NJ- An Ocean County resident has pleaded guilty to money laundering charges related to his involvement in a wire fraud scheme that resulted in over $1 million in losses to a financial services corporation. Eli Schamovic, aged 41, admitted to the charges before U.S. District Judge Kevin McNulty, according to an announcement made by U.S. Attorney Philip R. Sellinger.
Court documents revealed that Schamovic created two entities that he used to carry out fraudulent financial transactions, with multiple credit card processing companies.
The transactions resulted in the losses incurred by the financial services corporation, and Schamovic laundered the proceeds of the scheme, which included an approximately $500,000 wire transfer from a bank account he controlled.
The charge of money laundering carries a potential maximum penalty of 10 years in prison and a fine of $250,000, or twice the gross profits or gross loss suffered by the victims, whichever is greater. Schamovic’s sentencing is scheduled for September 8, 2023.