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BROOKFIELD, Wis. - A Brookfield man convicted in what federal prosecutors described as a "Phantom Hacker Scam" money laundering scheme has been sentenced to prison.
Federal prison sentence
In court:
Ankurkumar Patel, 44, pleaded guilty to money laundering conspiracy in June. Earlier this month, a judge sentenced Patel to seven years in prison and ordered him to pay more than $1.3 million in restitution to the victims.
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Money laundering conspiracy
The backstory:
According to the U.S. Attorney's Office, Patel admitted to retrieving and laundering more than $1 million from elderly victims in multiple states. Court documents revealed Patel also conspired to launder the stolen funds by distributing them to co-conspirators through anonymous, covert transactions, with much of the money eventually sent overseas.
Federal Courthouse in downtown Milwaukee
What is a Phantom Hacker Scam?
Dig deeper:
A Phantom Hacker Scam is a type of fraud that primarily targets elderly victims, according to federal prosecutors. Participants pose as customer service agents with a company or government agency and falsely claim the victim's identity or back account has been hacked or compromised.
The fraudster then refers the victim to a co-conspirator, prosecutors said, who poses as a law enforcement agent and directs the victim to move money – usually in the form of cash or physical gold – to a third-party or government account for safe keeping. The co-conspirator then coordinates the transfer of funds to other participants in the scheme who act as couriers.
The Source: FOX6 News referenced information from the U.S. Attorney's Office for the Eastern District of Wisconsin.