- The proceeds of the scheme were to pay for personal expenses and to buy luxury items, including a $1.3 million home and a luxury vehicle.
Jasminder Singh, 45, of California, has been sentenced in the Eastern District of New York to four years in prison for defrauding American Express for approximately $4.7 million and for laundering the proceeds of his fraud.
The Department of Justice, citing court documents and evidence presented at trial, said “between November 2017 and December 2019, Singh used four business entities that he created and controlled and 10 American Express credit cards in those entities’ names to purchase thousands of Apple iPhones.” He then sold the iPhones to overseas purchasers for millions of dollars.
As part of his scheme, Singh falsely told American Express that he was unable to repay approximately $4.7 million in charges incurred from the purchase of the iPhones, and created fake payment invoices in order to secure additional credit from the company. He used the proceeds of the scheme “to pay for personal expenses and to buy luxury items, including a $1.3 million home and a luxury vehicle.”
He was ordered to pay $4,651,845.08 in restitution and to forfeit $3,018,602.22.