Prison time for N.J. 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 in which he charged more than $1 million of fraudulent transactions to credit cards.
Eli Schamovic, 43, of Lakewood, was sentenced to two years on Thursday, the U.S. Attorney’s Office District of New Jersey said. He previously pleaded guilty to money laundering.
Schamovic established two merchants that worked with multiple credit card processing companies. Through these merchants, more than $1 million of fraudulent charges were processed, federal prosecutors said.
A financial services company, which has not been publicly named, lost more than $1 million as a result of Schamovic‘s scheme, authorities said.
Schamovic also wire 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.
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Nicolas Fernandes may be reached at [email protected].