Jail time for NJ man who processed more than $1 million in fraudulent credit card transactions

A man has been sentenced to federal prison for his role in a scheme that saw him charge more than $1 million in fraudulent credit card transactions.

Eli Schamovic, 43, of Lakewood, was sentenced Thursday to two years, the U.S. Attorney’s Office in New Jersey said. He earlier has been guilty of money laundering.

Schamovic founded two vendors that worked with multiple credit card processing companies. More than $1 million in fraudulent charges were processed through these merchants, federal prosecutors said.

A financial services company, which has not been publicly named, has lost more than $1 million as a result of Schamovic’s scheme, authorities said.

Schamovic also transferred $500,000 of the proceeds to his bank account, officials said.

As part of his sentence, he will also have to pay $1,680,000 in restitution and will be subject to three years of supervised release.