(WKB) – A California man was determined in federal court in New York on charges that he defrauded American Express of approximately $4.7 million and laundered the proceeds of his fraud.
Jasminder Singh, 45, of Fremont, California, was dictated to four years in prison.
Prosecutors say he secured four American Express credit cards under business entities and used those cards to buy thousands of iPhones and sold them overseas for millions of dollars.
Singh then told American Express he could not pay back the $4.7 million in charges and created false payment invoices in order to secure even more credit from American Express, according to court documents.
Prosecutors say Singh used his the money from his scheme to buy luxury items, including a $1.3 million home and a luxury vehicle.
He was ordered to pay over $4.6 million in restitution and forfeit over $3 million.
The FBI investigated the case.