Ocean County man sentenced to two years in prison for money laundering in $1 million fraud scheme

NEWARK, NJ – An Ocean County man was sentenced Thursday to two years in prison for laundering the proceeds of a fraud scheme that defrauded a multinational financial services company, U.S. Attorney Philip R. Sellinger announced.

Eli Schamovic, 43, of Lakewood, New Jersey, was sentenced 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 companies he founded. Using these entities, he and others conducted transactions through multiple credit card processing companies, resulting in more than $1 million in losses for the financial services company. Schamovic then laundered some of the fraud proceeds, including transferring approximately $500,000 from a bank account under his control.

In addition to the 24-month prison sentence, 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.