A CEO from Las Vegas was convicted by a jury for running a massive money laundering and fraud scheme. Martin Mizrahi, age 51, was found guilty on multiple charges including wire fraud, bank fraud, money laundering, and identity theft.
The evidence showed that between February and June 2021, Mizrahi laundered over $4 million in illegal drug money and funds from fraud schemes. He did this by taking cash from drug cartels and wired fraud money, converting it to Bitcoin, and sending it to anonymous crypto wallets.
Mizrahi also pulled off a huge credit card fraud. From April to June 2021, he charged nearly $8 million in fake charges to many different credit cards, some of which were stolen. He created fake invoices to try to make the charges look real.
The U.S. Attorney said Mizrahi brazenly used his company to launder millions from drugs and fraud and to deceive credit card companies. The unanimous jury verdict sends a strong message that this type of financial crime will be punished.
Mizrahi could face over 30 years in prison for his convicted crimes. The FBI investigated the case.
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