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New Jersey Man Sentenced to 3 Years in Prison for Defrauding Investors Out of Up to $1.5 Million
A New Jersey man has been sentenced to three years in federal prison for swindling clients out of up to $1.5 million.
Eugene Z. Nowak, 57, of Jersey City, New Jersey, was sentenced on November 9, 2022, in the United States District Court for the Northern District of Illinois.
Nowak, the president of Global Funding Partners, a Nevada corporation, pleaded guilty to one count of wire fraud on May 10, 2022. He admitted to falsely representing to investors that their funds would be used to provide ‘bridge funding’ for a $33 million financial transaction involving a large international bank.
However, the court found that Nowak and Global Funding Partners were not parties to any such transaction. Instead, he diverted investor funds to cover his personal expenses, including payments to a car dealership and pawn shop in Naples, Florida.
The scheme caused multiple investors to suffer losses of up to $1,500,000.
Nowak was ordered to pay restitution to the defrauded investors and will serve a 2-year supervised release following his 36-month prison sentence.
The case was investigated by the U.S. Postal Inspection Service and the FBI, and was prosecuted by Assistant U.S. Attorney Kartik K. Raman.
Eugene Z. Nowak, 57, of Jersey City, New Jersey, represented himself as the president of Global Funding Partners, a Nevada corporation that purported to be an investment firm with complex business dealings with large multinational banking and financial services institutions.
Defendant Name: Eugene Z. Nowak
Criminal Charges: One count of wire fraud
City and State: Chicago, Illinois
Exact Date: May 10, 2022 (plea agreement)
Sentence or Outcome: 3 years in federal prison, 2 years supervised release, restitution
Dollar Amounts: Up to $1,500,000 in losses
Key Facts
- State: Illinois
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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