Home>702Times>Las Vegas Man Convicted of Multi-Million Dollar Fraud and Money Laundering Scheme

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

By TheNevadaGlobeStaff, March 5, 2024 5:18 pm

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

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