Ocean County Man Sentenced For Laundering $1.5M Through Payment Cards

NEWARK, NJ — A Lakewood man has been sentenced to two years in prison for illegally laundering the proceeds of a wire fraud scheme, U.S. Attorney Philip R. Sellinger announced.

Eli Schamovic, 43, had pleaded guilty before U.S. District Judge Kevin McNulty to a count of money laundering. U.S. District Judge Susan D. Wigenton imposed the sentence Thursday in Newark federal court, Sellinger's office said.

According to documents and court statements, Schamovic made or caused others to make numerous fraudulent financial transactions through at least two entities that Schamovic formed and established as merchants that used multiple credit card processing companies.

These transactions resulted in more than $1 million in losses to a multinational financial services corporation that specialized in payment cards, authorities said.

Schamovic laundered portions of the proceeds of this scheme, including through an approximately $500,000 wire transfer from a bank account under his control.

In addition to the prison term, Judge Wigenton sentenced Schamovic to three years of supervised release and ordered restitution of $1.68 million.