2023-02-14 DOJ SDNY press_release 116 KB 3,685 chars

Defendant Convicted In Scheme To Steal Nearly $1 Million From Tech Company

Caption: United States v. Canadian Bank Account, et al.

summary

Suresh Munshani was convicted of conspiring with his brother to steal nearly $1 million from a tech company and launder the funds, facing up to 20 years in prison.

paragraph

Suresh Munshani conspired with his brother, Suni Munshani, the former CEO of a tech company, to steal nearly $1 million between 2011 and 2018. Munshani created a fake company, used a Canadian bank account to launder approximately $860,000 stolen from the company, and kept around $150,000 for himself. He was convicted of one count of wire fraud conspiracy and one count of money laundering conspiracy, each carrying a maximum sentence of 20 years in prison.

narrative

Suresh Munshani was convicted of conspiring with his brother, Suni Munshani, the former CEO of a tech company, to steal nearly $1 million from the company between 2011 and 2018. In furtherance of the scheme, Munshani created a fake company and used a Canadian bank account to launder approximately $860,000 stolen from the company, while keeping around $150,000 for himself. The fraud involved lying to his bank about the account's usage and depositing stolen funds into the account, which were later laundered back to his brother. Munshani was found guilty of one count of wire fraud conspiracy and one count of money laundering conspiracy, each carrying a maximum sentence of 20 years in prison. Suni Munshani had previously pleaded guilty to a related conspiracy charge. The case was investigated by the FBI and prosecuted by the U.S. Attorney’s Office, Southern District of New York. Munshani is scheduled to be sentenced on May 10, 2023, by U.S. District Judge Jed S. Rakoff.

Enriched metadata

Scheme: corporate-fraud (90%)
Court: Southern District of New York
Outcome: convicted
Victim loss: $860,000

Classified corporate-fraud(confidence 90%). EDGAR detection: forms 10-K/10-Q/8-K· recall 56% / precision 8%. detection rule →

Extracted insights

Dollar amounts 4

$1.00M $1 Million $1M–$10M
$1.00M $1 million $1M–$10M
$860K $860,000 $100K–$1M
$150K $150,000 $100K–$1M

Entities 10

person canadian bank account
scheme_term conspiracy to commit wire fraud and conspiracy to commit money laundering
person damian williams
company fake company
person jed s. rakoff
scheme_term money laundering conspiracy conviction
scheme_term one count of conspiracy to commit wire fraud
person suni munshani
person suresh munshani
scheme_term wire fraud conspiracy conviction

Triples 16

Suresh Munshani convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering
Suresh Munshani conspired with Suni Munshani
Suresh Munshani stole from Tech Company approximately $860,000
Suresh Munshani laundered majority of stolen funds to bank account controlled by Suni Munshani
Suresh Munshani retained approximately $150,000 of stolen funds
Suni Munshani was CEO of Tech Company providing data security services
Suni Munshani pled guilty to one count of conspiracy to commit wire fraud
Suresh Munshani scheduled to be sentenced on May 10, 2023
Suresh Munshani formed fake company
Suresh Munshani controlled Canadian bank account
Damian Williams is United States Attorney for Southern District of New York
Jed S. Rakoff presided over one-week trial
Suresh Munshani is 58 years old from New York, New York
Wire fraud conspiracy conviction carries maximum sentence of 20 years in prison
Money laundering conspiracy conviction carries maximum sentence of 20 years in prison
Scheme occurred between 2011 and 2018

View original DOJ press releasejustice.gov

Extracted body text (3,685c)

Press Release Defendant Convicted In Scheme To Steal Nearly $1 Million From Tech Company Tuesday, February 14, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Defendant Conspired with His Brother, the Former CEO of the Tech Company, to Defraud the Company and to Launder the Criminal Proceeds Damian Williams, the United States Attorney for the Southern District of New York, announced that a jury returned a guilty verdict today against SURESH MUNSHANI on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. MUNSHANI is scheduled to be sentenced on May 10, 2023, by U.S. District Judge Jed S. Rakoff, who presided over the one-week trial. U.S. Attorney Damian Williams said: “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.” According to the Superseding Indictment and the evidence presented at trial: Between 2011 and 2018, SURESH MUNSHANI conspired with his brother, Suni Munshani, to steal from the victim company (the “Company”) and to launder the stolen funds back to his brother. During the relevant period, Suni Munshani was the Chief Executive Officer (“CEO”) of the Company, which provided data security services to its clients. In furtherance of the scheme, SURESH MUNSHANI, among other things, 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. SURESH MUNSHANI thereafter laundered the majority of the stolen money back to a bank account controlled by Suni Munshani and kept approximately $150,000 of the stolen funds for himself. Suni Munshani previously pled guilty to one count of conspiracy to commit wire fraud in connection with his involvement in the scheme. * * * SURESH MUNSHANI, 58, of New York, New York, was convicted of one count of wire fraud conspiracy and one count of money laundering conspiracy. Each count carries a maximum sentence of 20 years in prison. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. Mr. Williams praised the outstanding investigative work of the Federal Bureau of Investigation’s New York Office for their assistance. This case is being handled by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorneys Timothy V. Capozzi and Steven J. Kochevar, with the assistance of Paralegal Specialist Geoffrey Mearns, are in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated February 14, 2023 Topic Financial Fraud Component USAO - New York, Southern Press Release Number: 23-059

OCR text (3,685c · html-text · 99% conf)