MARTINSBURG, WEST VIRGINIA – The grim halls of justice echoed with the conviction of Shiftan Shagabaev, 42, from Brooklyn, New York, today for committing student loan fraud. Acting United States Attorney Betsy Steinfeld Jividen announced the sentencing.
Shagabaev admitted to making a fraudulent statement on a student loan application in Jefferson County, West Virginia, back in December 2012. The fraudulent act has cost taxpayers and legitimate borrowers alike, a staggering $250,000.
The guilty plea comes with serious consequences for the defendant. Shagabaev faces up to one year in federal prison and a fine that could reach $250,000. The final sentence will be determined by the severity of his crimes and any prior criminal history he may have.
Assistant U.S. Attorney Paul T. Camilletti took the case to court on behalf of the government, with the United States Department of Education leading the investigation into the fraudulent activities.
Judge Robert W. Trumble presided over the proceedings, ensuring that justice was served in this white-collar crime that targeted the education system.
Shagabaev’s sentencing hearing is set to take place at a later date, where he will face the full brunt of the law for his deceptive actions and the financial harm he caused.
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Key Facts
- State: West Virginia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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