California man pleads guilty to money laundering in internet fraud scheme

NEWARK, N.J. — A California man has admitted to conspiring to launder money obtained through internet-related fraud schemes, U.S. Attorney Philip R. Sellinger announced on Tuesday. Charles Singleton, 64, of Los Angeles, pleaded guilty before U.S. District Judge Madeline Cox Arleo to one count of conspiracy to commit money laundering.

According to court documents and statements made in court, Singleton was involved in a scheme from September 2018 to August 2020, during which he collaborated with others to launder money acquired through business email compromises (BEC). BEC is a type of wire fraud that typically targets businesses or individuals involved in high-value financial transactions. Fraudsters achieve this by compromising, hacking, or “spoofing” legitimate email accounts through social engineering or computer intrusion techniques. This deception leads employees or individuals to unknowingly authorize transfers of funds to accounts controlled by the perpetrators.

Singleton played a crucial role in the operation by opening several business bank accounts under the names of companies he controlled. These accounts received proceeds from the wire fraud activities. Singleton and his conspirators then moved the money through various bank accounts, sharing account information among themselves to facilitate the transfers. Singleton also participated in executing fraudulent contracts, including one instance where he arranged a $70,000 wire transfer as part of the scheme. As part of his plea agreement, Singleton has agreed to forfeit over $1.1 million, representing the proceeds derived from the conspiracy.

Sentencing details and the potential penalties Singleton may face were not immediately provided in the release.

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