A federal jury in the Eastern District of New York convicted a California man Wednesday for defrauding American Express of more than $4.7 million and money laundering.
According to the evidence, Jasminder Singh, 45, of Fremont, used four business entities that he created and controlled and 10 American Express credit cards in those entities’ names. He used those names to purchase thousands of Apple iPhones he then sold overseas for millions of dollars.
Between November 2017 and December 2019, the defendant misrepresented to American Express his inability to repay more than $4.7 million in charges incurred from the purchase of iPhones and initiated phony payments in order to secure additional credit.
The defendant used the proceeds of the scheme to pay for personal expenses and buy luxury items, including a $1.3 million home and a luxury vehicle.
Singh was convicted of bank fraud and money laundering.
He is scheduled to be sentenced on Aug. 2 and faces up to 30 years in prison.
The FBI investigated this case.