A Hingham man was sentenced Tuesday to more than three years in prison, three years of probation and more than $400,000 in both forfeiture and restitution, for being involved in an international money laundering scheme.
Yannick A. Minang, 26, was sentenced in federal court in Boston Tuesday to 46 months in prison, three years probation, and forfeiture and restitution – each in the amount of $465,616, for for what the Department of Justice calls a “business email compromise scheme."
Manang was charged in a separate federal indictment with a similar business email compromise scheme earlier this year.
Minang pleaded guilty in January to a five-count indictment charging international money laundering, structuring, unlawful monetary transactions, concealment money laundering, and false statements.
The United States Attorney's Office said in 2017, Minang opened, and organized opening, bank accounts in the names of sole proprietorship businesses as part of a business email compromise scheme that targeted individuals about to purchase real estate.
The office said in a statement that generally, targets businesses involved in wire transfer payments. The scammers “spoof” legitimate business email accounts through social engineering or computer intrusion techniques to cause individuals to transfer funds to accounts controlled by the scammers.
"Minang’s scheme worked as follows: shortly before closing on properties, the victims received emails from their real estate agents or title companies containing wiring instructions that directed the victims to send funds to accounts that Minang and others had opened and controlled," The U.S. Attorneys office said in a press release. "The emails, however, were spoofed – made to appear to be coming from title company representatives and real estate agents, when in fact they were sent from email accounts created solely to carry out the fraud"
Minang would then wire the money to bank accounts abroad or withdrawn by structured cash withdrawals.
Earlier this year, Minang was charged in a separate federal indictment in connection with a similar, business email compromise scheme. It is alleged that Minang committed that crime while charges in this case were pending.
Read about Minang's arrrest earlier this year
Manang was sentenced by U.S. District Court Judge F. Dennis Saylor. Assistant U.S. Attorney Jordi de Llano, Deputy Chief of Lelling’s Securities and Financial Fraud Unit, prosecuted the case.