NEW YORK (1010 WINS) -- A Brooklyn man was convicted on Wednesday for a scheme to buy and resell iPhones using American Express credit cards, according to the Department of Justice.
Prosecutors accused Jasminder Singh of starting 10 credit cards in the name of four phony businesses he controlled between November 2017 and December 2019.
He used the cards to buy over $4.7 million worth of iPhones and then resell the phones overseas.
The court found he used financial sleight of hand to avoid paying the credit card bills.
Singh used his ill-gotten gains to buy a $1.3 million home in California and other luxury items.
“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,” said U.S. Attorney Breon Peace. “After stiffing American Express, the defendant was living large, until today, when the bill for his crimes came due with today’s verdict.”
Singh was found guilty of bank fraud and money laundering by an New York Eastern District federal court.
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