NEWARK, N.J.
A California man Tuesday admitted conspiring to launder money obtained from internet-related fraud, federal officials stated.
Charles Singleton, 64, of Los Angeles, California, pleaded guilty to an indictment charging him with one count of conspiracy to commit money laundering (Count One).
According to documents filed in this case and statements made in court this is what happened:
From September 2018 to August 2020, Singleton and his co-conspirators laundered money obtained through business email compromises, a type of wire fraud targeting businesses or individuals involved in high-dollar transactions.
Using social engineering or hacking, fraudsters would compromise or spoof legitimate email accounts to trick employees into making unauthorized money transfers to accounts they controlled.
Singleton opened several business bank accounts under companies he controlled and received fraudulent wire transfers. He and his conspirators then moved and shared the stolen money among various accounts.
Singleton also executed a fraudulent contract with a conspirator for a $70,000 wire transfer.
As part of his plea, he agreed to forfeit over $1.1 million in proceeds from the conspiracy.
The money laundering charge carries a maximum penalty of 20 years in prison and a fine of up to $500,000, or twice the value of the funds involved, whichever is greater. Sentencing is set for Jan. 28.
The FBI investigated this case.
Farhana C. Melo, an Assistant U.S. Attorney with the Criminal Division of the U.S. Attorney’s Office in Newark, represents the government
.