Brooklyn judge sentences CA man who defrauded American Express of $4.7M to 4 years in prison

American Express
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NEW YORK (1010 WINS) — A Brooklyn federal court sentenced a 45-year-old Californian man to four years in prison on Friday for a $4.7 million credit card scam against American Express, according to the Department of Justice.

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Between November 2017 and December 2019, Jasminder Singh started four businesses in order to take out 10 American Express credit cards which he used to buy thousands of Apple products to sell overseas.

When the credit card company came knocking, Singh lied and claimed he was unable to pay back the money despite millions in profits.

He used financial sleight of hand to hide the money from the company.

He then used his ill-gotten gains to pay for personal expenses and luxury items, including a

Bank fraud and money laundering $1.3 million home in Fremont, California that he paid for in cash.

“Jasminder Singh fraudulently used American Express credit cards to purchase millions of dollars’ worth of Apple products, which he sold to enrich himself, and then tried to leave American Express holding the bag,” stated U.S. Attorney Breon Peace.  “Today’s sentence sends a message to those, like the defendant, who defraud financial institutions, that there are serious consequences when their lies and deceit catch up to them and the bill comes due.”

A federal jury convicted Singh on April 27.

In addition to the four-year sentence, the judge also ordered him to pay $4,651,845.08 in restitution to American Express and $3,018,602.22 in forfeiture.