Gary Shapoff, Money Laundering, Florida 2008

Rochester, N.Y.– A 62-year-old Florida man was sentenced to 60 months in prison and ordered to pay nearly $2.3 million in restitution for his role in a major money laundering scheme.

Gary Shapoff, of Boynton Beach, Florida, was convicted of participating in a scheme to defraud investors who had invested approximately $2.5 million in international currency trading investments through the company Atwood & James S.A.

Between January 2004 and July 2008, Shapoff used the mail and wire communications to facilitate the execution of the fraud, and he also used illegally obtained investor proceeds to promote the scheme, in violation of the federal money laundering provisions.

Shapoff’s scheme involved offering investors the opportunity for “huge profits” in foreign currency trades that were never made in their names, leaving them with significant financial losses.

The investigation into Shapoff’s activities was led by the Federal Bureau of Investigation, the United States Postal Inspection Service, and the Internal Revenue Service, Criminal Investigation Division.

Assistant U.S. Attorney Bradley E. Tyler handled the case, which is part of President Barack Obama’s Financial Fraud Enforcement Task Force.

Shapoff’s sentencing is the culmination of a long investigation, and it serves as a reminder of the importance of holding individuals accountable for their role in financial crimes.

The Financial Fraud Enforcement Task Force is a powerful tool in the fight against financial crimes, bringing together a broad range of federal agencies, regulatory authorities, and state and local law enforcement to investigate and prosecute significant financial crimes.

Shapoff’s sentence should serve as a warning to others who would engage in similar activities, and it is a testament to the hard work of those involved in the investigation and prosecution of this case.

RELATED: Drug Lord Gets 7 Years

Related Federal Cases