A Lakewood man is going to federal prison for money laundering

NEWARK – A Lakewood man has been sentenced to two years in prison for laundering money from a $1 million financial fraud scheme, U.S. Attorney Philip R. Sellinger said.

U.S. District Judge Susan D. Wigenton sentenced 43-year-old Eli Schamovic to prison on Thursday and ordered him to pay $1.68 million in restitution, Sellinger said.

Schamovic pleaded guilty to the money laundering charge before Wigenton in May, Sellinger said.

According to documents and statements made in court, Schamovic conducted or caused others to perform numerous fraudulent financial transactions through at least two entities that Schamovic created and established as merchants using multiple credit card processing companies. The transactions resulted in more than $1 million in losses for a multinational financial services company that specialized in payment cards. Schamovic laundered some of the scheme’s proceeds, including through a wire transfer of about $500,000 from a bank account under his control, records show.

Schamovic’s attorney, Lee Vartan, said his client, with the support of his community, had already repaid hundreds of thousands of dollars.

“Mr. Schamovic, supported by dozens of friends and family, told the Court how, even before the government began its investigation, he realized his mistake and worked tirelessly to reimburse American Express,” Vartan told the Asbury Park Press.

“The Court gave Mr. Schamovic credit for his efforts, calling him a good man who was loved by his community, and sentenced him to a lesser sentence than required under the sentencing guidelines,” Vartan said. Schamovic is grateful to the hundreds of people who have supported him during these very difficult times.”

Money laundering carries a maximum penalty of 10 years in prison.

Wigenton also sentenced Schamovic to three years of supervision after his release from prison.

Assistant U.S. Attorney Andrew Kogan of the U.S. Attorney’s Cybercrime Unit in Newark prosecuted the approx

A reporter in New Jersey since 1985, Kathleen Hopkins covers crime, trials, legal issues and virtually every major murder case affecting Monmouth and Ocean counties. Contact her at [email protected].

This article originally appeared on Asbury Park Press: A federal judge sends a Lakewood man to prison for money laundering