A federal grand jury in Bridgeport, Connecticut has indicted Saul Shalev, 36, a dual U.S.-Israeli national, on charges related to an alleged scheme that defrauded more than 20 small and medium-sized businesses and commercial lenders. The indictment includes nine counts of wire fraud, money laundering, and aggravated identity theft.
According to court documents and statements made in court, Shalev previously lived in Brooklyn, New York until February 2019 before moving to Dubai, United Arab Emirates. Between December 2019 and November 2022, Shalev allegedly obtained information about commercial loans held by various businesses. He then offered these businesses the opportunity to refinance their loans or secure additional financing. Acting as a broker—often using stolen identities—Shalev facilitated new or additional financing from lenders.
After securing loans for the businesses from commercial lenders, Shalev provided fraudulent payoff instructions so that all or part of the loan proceeds would be sent to accounts he controlled. He also received commissions from the lenders based on these transactions.
Specific incidents cited in the indictment include:
- In December 2020, Shalev used a stolen identity while brokering a deal between an Ohio auto dealership and a Connecticut lender. He caused $343,000 in loan funds to be disbursed to the dealership and redirected $190,668.06 intended for a Colorado lender into his own account. He also collected a $42,000 commission.
- In August 2021, he used another stolen identity as broker between an Indiana healthcare provider and the same Connecticut lender. The healthcare provider received $145,500 in loans; payoff payments totaling $156,838.85 were diverted into Shalev’s account instead of reaching the actual lender. A commission of $18,000 was paid out.
- In November 2022, Shalev posed as broker between a Michigan home improvement business and a Pennsylvania lender. After arranging for a $196,000 loan to be sent to the Michigan company, he advised them it was sent in error and instructed them to “return” it to his account.
Authorities allege that some of the stolen funds were converted into cryptocurrency.
Shalev was arrested in Barcelona on September 15, 2025 at the request of U.S. authorities after being indicted on August 20 that year. He appeared before U.S. Magistrate Judge S. Dave Vatti in Bridgeport where he was ordered detained.
The charges against him carry significant penalties: each count of wire fraud or money laundering is punishable by up to 20 years’ imprisonment; each count of aggravated identity theft carries a mandatory consecutive sentence of two years.
“An indictment is not evidence of guilt,” said U.S. Attorney David X. Sullivan for the District of Connecticut. “Charges are only allegations, and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.”
The investigation is being led by the Federal Bureau of Investigation’s Connecticut Cyber Task Force (CCTF), with assistance from Stamford Police Department and Greenwich Police Department as well as international support from Spanish authorities and the Justice Department’s Office of International Affairs during arrest and extradition proceedings.
Assistant U.S. Attorney Edward Chang is prosecuting this case.
