Manzur Mazumder, Wire Fraud, Tennessee 2018

Local Insurance Agent Sentenced to 60 Months for Wire Fraud

MEMPHIS, TN - In a shocking turn of events, a local man has been sentenced to 60 months in federal prison for wire fraud. U.S. Attorney D. Michael Dunavant announced the sentence today.

Manzur Mazumder, a 50-year-old insurance agent, was convicted on two counts of wire fraud following a four-day jury trial in federal court in August 2018.

According to court documents, Mazumder started a hedge fund business, which defrauded several individuals of their retirement savings. Between 2014 and 2017, Mazumder obtained a total of $360,000 from 'M.T.', a resident in Hawaii, 'J.T.', a resident of Missouri, and 'A.J.', a resident of Memphis.

Mazumder used a large portion of the investor's fund to pay for personal expenses, including living and travel expenses, a down payment on a condominium, loan payments, debit card charges, and overdrafts in several bank accounts. Mazumder day-traded the rest of the investors' funds in options contracts, resulting in large losses. He returned nominal sums to the victims.

U.S. Attorney D. Michael Dunavant stated, 'Fraudulent schemes that steal hard-earned retirement savings from innocent victims represent the very worst betrayals of trust in our financial markets, and such dishonesty will be exposed.'

On April 9, 2019, U.S. District Court Judge John T. Fowlkes, Jr. sentenced Mazumder to 60 months imprisonment. He was also ordered to pay $341,960 restitution to the victims.

The case was investigated by the FBI, and Assistant U.S. Attorneys Dean DeCandia and David Pritchard prosecuted this case on behalf of the government.

Source: https://www.justice.gov/usao-wdtn/pr/local-insurance-agent-sentenced-60-months-fraud