Defendant Convicted of Defrauding American Express of More Than $4.7 Million

 

 A federal jury convicted Jasminder Singh of bank fraud and money laundering based on defrauding American Express of more than $4.7 million in charges for iPhone purchases and spending the fraud proceeds on a $1.3 million home and other luxury items.  Singh was convicted of bank fraud and unlawful monetary transactions. The verdict followed a one-week trial before United States District Judge Carol Bagley Amon.

Breon Peace, United States Attorney for the Eastern District of New York, Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division, and Michael J. Driscoll, Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the verdict.

“The jury determined that Singh was a fraudster who used American Express cards to purchase thousands of iPhones, racking up millions of dollars in charges and then spun a web of lies to avoid paying the bill and hide his ill-gotten assets,” stated United States Attorney Peace.  “After stiffing American Express, the defendant was living large, until today, when the bill for his crimes came due with today’s verdict.”

As proven at trial, Singh used four business entities that he created and controlled and 10 American Express credit cards in those entities’ names to purchase thousands of Apple iPhones that 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 his purchase of iPhones in order to secure additional credit, and used a series of financial transactions to conceal the money he obtained from selling the purchased iPhones. The defendant used the proceeds from his fraudulent scheme to pay for personal expenses and purchase luxury items, including a $1.3 million home in cash in Fremont, California. The defendant made most of the purchases at Apple stores in Oregon and Washington.

The evidence at trial included financial and phone records, audio recordings, testimony from the defendant’s co-conspirator Mandeep Singh, and an FBI forensic accountant. Mandeep Singh pleaded guilty to money laundering conspiracy in March 2022 and is awaiting sentencing.