https://wbnj.org/ocean-county-man-sentenced-for-money-laundering-10/

LAKEWOOD – A Township man has been sentenced to two years in prison for money laundering involving an illegal wire fraud scheme, state officials said.

Eli Schamovic, 43, of Lakewood, previously pleaded guilty to money laundering charges.

According to officials, Schamovic made “several fraudulent financial transactions through at least two entities that Schamovic formed and established as merchants that used multiple credit card processing companies.”

The transactions totaled more than $1 million in losses to a multinational financial services corporation that specialized in payment cards.

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

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