A New York City man has been found guilty of wire fraud conspiracy and money laundering conspiracy in a scheme to steal nearly $1 million from a tech company in which his brother was the CEO.
Suresh Munshani, 58, was found guilty Feb. 14 by a jury in the Southern District of New York, a news release said. He will be sentenced May 10, by U.S. District Judge Jed Rakoff. The one count of wire fraud conspiracy and one count of money laundering conspiracy each carries up to 20 years in prison.
“Suresh Munshani and his brother thought they could get away with stealing nearly $1 million from his brother’s employer and laundering that money through a Canadian bank account, but today’s jury verdict shows that this office will continue to follow the dirty money to bring those responsible for financial crimes to justice,” Damian Williams, the U.S. attorney for the Southern District of New York, said in the release.
Suresh Munshani conspired from 2011 to 2018 with his brother, Suni Munshani, to steal from the data security services company of which Suni Munshani was CEO and to launder the stolen funds, the release reported.
“(Suresh Munshani)…formed a fake company, added the name of that fake company to a bank account he controlled in Canada, lied to his bank about how he was using his account and worked with his brother to deposit into that account approximately $860,000 stolen from the victim company,” the release said.
Suresh Munshani laundered most of the stolen money back to a bank account Suni Munshani controlled and kept approximately $150,000, according to the release.
“Suni Munshani previously pled guilty to one count of conspiracy to commit wire fraud in connection with his involvement in the scheme,” the release said.
