NEWARK, N.J. — An Ocean County man was sentenced to two years in federal prison on Thursday for laundering proceeds from a wire fraud scheme that defrauded a multinational financial services corporation, U.S. Attorney Philip R. Sellinger announced.
Eli Schamovic, 43, of Lakewood, New Jersey, received the sentence after pleading guilty to a money laundering charge before U.S. District Judge Kevin McNulty. The sentence was imposed by U.S. District Judge Susan D. Wigenton in Newark federal court.
According to court documents and statements made in court, Schamovic orchestrated numerous fraudulent transactions through at least two businesses he created. Using these entities, he and others conducted transactions via multiple credit card processing companies, leading to over $1 million in losses for the financial services company. Schamovic then laundered part of the fraud proceeds, including transferring approximately $500,000 from a bank account under his control.
In addition to the 24-month prison term, Judge Wigenton ordered Schamovic to serve three years of supervised release following his prison sentence. He was also ordered to pay $1.68 million in restitution to the defrauded company.
