The scope of the criminal fraud enterprise required the conspirators to construct an elaborate network of false identities. The scheme caused more than $200 million in confirmed losses to businesses and financial institutions. The scheme involved a three-step process in which the defendants would make up a false identity by creating fraudulent identification documents and a phony credit profile with the major credit bureaus pump up the credit of the false identity by providing bogus information about that identity’s creditworthiness then borrow or spend as much as they could without repaying the debts. He is one of the last 22 defendants to be sentenced in this scheme. Verma was originally charged in February 2013 as part of a conspiracy to fabricate more than 7,000 false identities to obtain tens of thousands of credit cards. Sat Verma previously pleaded guilty to an information charging him with one count of access device fraud.Īccording to documents filed and statements made in court: JanuIselin, NJ resident Sat Verma (65) was sentenced to one year in prison Januin $200 Million international credit card fraud conspiracy. Sat Verma Sentenced to Prison for Credit Card Fraud
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