By: Richard L. Smith
A NJ resident admitted Tuesday that he illegally laundered the proceeds of a wire fraud scheme, U.S. Attorney Philip R. Sellinger announced.
Federal officials said Eli Schamovic, 41, of Lakewood pleaded guilty before U.S. District Judge Kevin McNulty to an information charging him with money laundering.
According to 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 Schamovic 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.
The charge of money laundering is punishable by a maximum potential penalty of 10 years in prison and a fine $250,000, or twice the gross profits or gross loss suffered by the victims, whichever is greatest.
Sentencing is scheduled for Sept. 8, 2023.