New York Man, Joshua Suarez Sentenced to Six Years in Prison for Supervisory Role in Large-Scale Wire Fraud Conspiracy
NEWARK, N.J (STL.News) A Bronx, New York man was sentenced today to 72 months in prison for supervising a large-scale wire fraud conspiracy that exposed victims to more than $2 million in losses, Acting U.S. Attorney Rachael A. Honig announced.
Joshua Suarez, 34, previously pleaded guilty before U.S. District Judge Kevin McNulty to one count of engaging in a conspiracy to commit wire fraud. Judge McNulty imposed the sentence today by video teleconference.
According to documents filed in the case and statements made in court:
The conspirators used multiple techniques to fraudulently convince banks and other corporate entities to send or release funds to them, including withdrawing funds by falsely claiming to be financial account holders and negotiating bogus checks. Suarez recruited and directed individuals to open bank accounts in order to launder the funds. Once the fraudulently obtained funds were deposited into the bank accounts, Suarez oversaw the withdraw and transfer of funds from those accounts. The conspiracy exposed victims to losses of more than $2,000,000.
Nine people have been charged, eight have pleaded guilty, and six have been sentenced in this case.