TRENTON, N.J. – The final two defendants convicted in one of the largest credit card fraud schemes ever charged by the U.S. Department of Justice have been sentenced to prison terms.
Federal prosecutors in New Jersey say 65-year-old Iselin resident Sat Verma was sentenced Tuesday to a year in prison. He had pleaded guilty to access device fraud.
Qaiser Khan, of Valley Stream, New York, received a six-month sentence. The 53-year-old Khan had pleaded guilty to conspiracy to commit bank fraud.
Prosecutors say Verma and Khan were among 22 people convicted in a scheme to create and use more than 7,000 false identities to obtain tens of thousands of credit cards.
The scheme caused more than $200 million in losses to businesses and financial institutions.