Las Vegas Man Convicted of Multi-Million Dollar Fraud and Money Laundering Scheme

New York, NY – Damian Williams, the United States Attorney for the Southern District of New York, announced today the conviction of Martin Mizrahi, 51, of Las Vegas, Nevada, for his participation in a multi-million dollar fraud and money laundering scheme.

Details of the Case:

• Mizrahi was found guilty by a jury after a 12-day trial before U.S. District Judge J. Paul Oetken.
• The charges stemmed from a series of illegal activities carried out between February and June 2021:
  • Money Laundering: Mizrahi allegedly laundered over $4 million in proceeds from both illegal narcotics and various fraudulent schemes. This included converting cash into Bitcoin and transferring it to anonymous cryptocurrency wallets.
  • Credit Card Fraud: Mizrahi is accused of processing nearly $8 million in unauthorized charges through his company using stolen credit cards and fabricated invoices.
  • Business Email Compromise: Mizrahi allegedly played a role in a scheme that defrauded a New York City non-profit organization of over $3 million through email hacking.

Charges and Potential Penalties:

• Mizrahi was convicted of eight charges, including:
  • Conspiracy to commit wire fraud and bank fraud
  • Wire fraud
  • Bank fraud
  • Conspiracy to commit money laundering
  • Money laundering
  • Aggravated identity theft
  • Conspiracy to operate an unlicensed money-transmitting business
• Each charge carries a maximum potential sentence, though the actual sentence will be determined by the judge.

Next Steps:

• A sentencing date has not yet been scheduled.

Credits: Fox5Vegas