BRIDGEPORT, Conn. – A federal grand jury has indicted Saul Shalev, 36, a dual U.S.-Israeli national formerly residing in Dubai, on charges of wire fraud, money laundering, and aggravated identity theft for allegedly orchestrating a years-long financial scheme that defrauded small and medium-sized businesses across the United States.
According to the U.S. Attorney’s Office for the District of Connecticut, Shalev was arrested in Barcelona, Spain, on September 15, 2025, following a U.S. extradition request, and appeared this week before U.S. Magistrate Judge S. Dave Vatti in Bridgeport. He has been ordered detained pending trial.
Federal prosecutors allege that between December 2019 and November 2022, Shalev used stolen identities and false credentials to pose as a commercial loan broker, offering to refinance or expand loans for more than 20 small businesses. Instead, he allegedly redirected hundreds of thousands of dollars in loan proceeds to bank accounts he controlled, while also collecting commissions from unsuspecting lenders.
Court filings detail several incidents in which Shalev allegedly diverted payments: in December 2020, he posed as a broker for an Ohio auto dealership, obtaining a $343,000 loan and rerouting more than $190,000 in payoff funds to his own account. In a separate 2021 case, prosecutors say he defrauded an Indiana healthcare provider and a Connecticut lender, siphoning off over $156,000. The indictment also alleges that Shalev converted stolen funds into cryptocurrency.
• Saul Shalev, 36, charged with wire fraud, money laundering, and identity theft
• Prosecutors allege he defrauded more than 20 U.S. businesses between 2019 and 2022
• Arrested in Spain and extradited to Connecticut for prosecution
Shalev faces three counts of wire fraud and four counts of money laundering, each carrying a maximum sentence of 20 years, as well as two counts of aggravated identity theft, which carry mandatory consecutive two-year terms.
The investigation was led by the FBI’s Connecticut Cyber Task Force with assistance from Stamford and Greenwich police, the Justice Department’s Office of International Affairs, and Spanish authorities. The case is being prosecuted by Assistant U.S. Attorney Edward Chang.
U.S. Attorney David X. Sullivan emphasized that the charges remain allegations and that Shalev is presumed innocent until proven guilty in court.