California man sentenced to 48 months in Brooklyn Federal Court for defrauding Amex of more than $4.7 million
On Friday, Aug. 5, 2022, Jasminder Singh, 45, of Freemont, Calif., was sentenced to 48 months’ imprisonment for bank fraud and money laundering in Brooklyn federal court. U.S. District Judge Bagley Amon presided over the sentencing following the conviction on April 27 by a federal jury.
As revealed at trial, Singh used four business entities – which he had created and controlled – and 10 American Express “Amex” credit cards to purchase thousands of Apple iPhones and other Apple products. Singh sold the merchandise overseas for millions.
Between November 2017 and December 2019, Singh had misrepresented to American Express the inability to repay more than $4.7 million in charges incurred from his scheme to acquire additional credit, using a series of financial transactions to conceal money he made from selling the Apple iPhones. Singh used proceeds from his fraud to purchase luxury items, including a home in Fremont, Calif., which was paid for in cash.
Breon Peace, U.S. Attorney for the Eastern District of New York, Kenneth A. Polite Jr. of the Justice Department’s Criminal Division and Michael J. Driscoll, Assistant Director-in-Charge of the FBI New York Field Office, announced the sentence.
“Jasminder Singh fraudulently used American Express credit cards to purchase millions of dollars’ worth of Apple products, which he sold to enrich himself, and then tried to leave American Express holding the bag,” said United States Attorney Breon Peace.
“Today’s sentence sends a message to those, like the defendant, who defraud financial institutions, that there are serious consequences when their lies and deceit catch up to them and the bill comes due.”
Assistant U.S. Attorney Michael W. Gibaldi and Trial Attorney Patrick J. Campbell of the Criminal Division’s Fraud Section oversaw the prosecution. Assistant U.S. Attorney Tanisha R. Payne of the Office’s Asset Recovery Section is handling forfeiture matters.
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