A Southern California man has spent seven years in prison after masterminding a multi-million dollar fraud scheme targeting the elderly.
Sylas Verdzekov was sentenced on Friday after pleading guilty last year to conspiracy to commit money laundering. reports NBC Los Angeles.
Prosecutors say that from November 2021 to February 2025, the 39-year-old and his associates created fake IDs for fake people and then used them to create at least 36 companies.
Using fake identities and fake businesses, the criminals opened 145 bank accounts and at least 32 mailboxes in Southern California where they used their crimes.
One of their methods was scamming the elderly using phone calls and pop-up emails. They posed as law enforcement officers or employees of reputable companies who claimed to be able to protect their bank accounts and salaries.
Verdzekov and his associates told the victims that their accounts had been compromised and instructed them to transfer the money to accounts they controlled.
In another scheme, Verdzekov and his co-conspirators posed as real estate owners who led victims to believe they were selling legitimate real estate.
Prosecutors say the defendants defrauded at least $10 million from at least 100 people.
US District Judge André Birotte Jr. has ordered Verdzekov to pay $10.5 million in restitution to the victims.
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