{"id":15760,"date":"2015-09-21T10:52:44","date_gmt":"2015-09-21T17:52:44","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=15760"},"modified":"2015-09-21T11:30:18","modified_gmt":"2015-09-21T18:30:18","slug":"israeli-who-printed-millions-in-counterfeit-money-out-of-a-new-jersey-warehouse-sentenced","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=15760","title":{"rendered":"Israeli Who Printed Millions in Counterfeit Money Out of a New Jersey Warehouse Sentenced"},"content":{"rendered":"

VIRGINIA<\/strong><\/p>\n

\n

\"U.S.<\/a>A federal judge sentenced the leader of an international counterfeit currency ring who was responsible for $70 million in counterfeit \u00a0to 15 years in prison, officials announced today.<\/span><\/p>\n

Itzhak Loz<\/strong>, 48, of Rishon Le Zion, Israel, the leader of the international counterfeit was sentenced Friday for leading a RICO conspiracy involving multiple acts of counterfeiting and money structuring.<\/span><\/p>\n

Loz was also ordered to forfeit $20 million and specific assets including a warehouse in New Jersey where the counterfeit currency was most recently printed.<\/span><\/p>\n

\u201cLoz was the leader of a conspiracy that printed, distributed and passed over $70 million high-quality counterfeit $50 and $100 bills,\u201d said U.S Attorney Dana J. Boente of the Eastern District of Virginia.<\/strong> \u00a0\u201cThis international criminal enterprise operated undetected for many years in Israel and the United States and relied upon a close-knit and loyal network of distributors bound by family ties, loyalty and greed.\u00a0 I want to commend the Secret Service and its law enforcement partners for aggressively investigating this conspiracy and supporting the prosecution of these 13 defendants.\u201d<\/span><\/p><\/blockquote>\n

Loz, along with 12 co-conspirators, were indicted by a federal grand jury on Aug. 7, 2014.<\/span><\/p>\n

According to court documents, Loz was the leader of the racketeering enterprise that manufactured and distributed more than $70 million in counterfeit U.S. currency between 2004 and 2014.<\/span><\/p>\n

The enterprise was financed, in part, by brothers Arkadiy Bangiyev<\/strong>, 38, of Rego Park, New York, and Eduard Bangiyev<\/strong>, 40, of Forest Hills, New York, who operated a retail jewelry store in Long Island and then a gold refinery business in Manhattan\u2019s diamond district, court records indicate.<\/span><\/p>\n

Loz, along with the Bangiyev brothers and co-conspirator Ronen Fakiro,<\/strong> 47, also of Rishon Le Zion, manufactured the counterfeit currency on offset and lithography printing machinery in Israel and the United States and produced extremely high-quality notes which replicated the many security features of genuine currency, according to authorities.<\/span><\/p>\n

At the height of its operations, officials said the enterprise smuggled $3 million worth of counterfeit currency into the United States every three months.<\/span><\/p>\n

The counterfeit was concealed inside shipping containers containing machinery.\u00a0 Once the counterfeit was in the United States, the enterprise relied upon a network of distributors who obtained the counterfeit from the Bangiyev brothers.<\/strong><\/span><\/p>\n

Authorities said the ultimate users of the counterfeit passed the notes at locations up and down the east coast of the United States.<\/span><\/p>\n

In 2014, Loz and Ronen Fakiro<\/strong> purchased a warehouse<\/strong> in Cherry Hill, New Jersey, to manufacture counterfeit $100 notes and recruited a married couple from Israel, Boaz<\/strong> and Ofra Borohov<\/strong>, 45 and 46, respectively, to assist them in the production of the notes.<\/span><\/p>\n

Loz attempted to recreate and produce the security features of the most recently issued $100 bill but was unable to do so.<\/span><\/p>\n

Instead, beginning in April 2014, the enterprise printed $5.3 million in counterfeit $100 bills.<\/span><\/p>\n

On May 28, 2014, the Secret Service executed a search warrant at the warehouse and essentially caught the Borohov\u2019s \u201cred handed\u201d as they were operating heat press machines used to manufacture counterfeit currency.<\/span><\/p>\n

That same day, the Secret Service also seized approximately $2.56 million in counterfeit $100 bills from Loz\u2019s New York storage unit and other assets, including over $200,000 in genuine U.S. currency, along with jewelry, watches, diamonds, bank accounts, luxury cars and real estate.<\/span><\/p>\n

All 13 defendants<\/strong> named in the original indictment have plead guilty. \u00a0Nine defendants have been sentenced, while the remaining four are awaiting sentencing.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

VIRGINIA A federal judge sentenced the leader of an international counterfeit currency ring who was responsible for $70 million in counterfeit \u00a0to 15 years in prison, officials announced today. 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