A former JP Morgan Chase business banker in Florida pleaded guilty Monday to bank fraud after he admitted that he opened several checking accounts at credit unions, obtained their credit cards or personal lines of credit, spent the funds, paid off the entire balances he owed with worthless checks, and then declared bankruptcy, according to the U.S. Attorney’s office in Tampa.
Igor Shushpanov, 39, of Tampa began his fraudulent scheme in February 2017 and ran it through July 2022 stealing more than $400,000 from at least three credit unions, according to a plea deal document he signed with federal prosecutors.
After the former banker opened checking accounts at multiple credit unions and obtained credit cards and personal or equity lines of credit, he made purchases or cash advances up to the credit limit. According to court documents, Shushpanov “distributed the fraudulent proceeds” to business associates and family members. He also purchased publicly traded stocks and invested in multi-family real estate projects.
“Between the time that the financial institutions credited Shushpanov’s credit account balances and the worthless checks were returned for insufficient funds, he would again max-out his credit cards and personal lines of credit resulting in higher negative credit account balances,” federal prosecutors said in a prepared statement. “Shushpanov continued perpetrating this scheme by repeatedly depositing worthless checks and making subsequent credit card or personal line of credit purchases, then filed a bankruptcy petition (in February 2023) to avoid paying the credit unions he defrauded.”
Criminal court documents showed the former banker victimized at least three credit unions that suffered total losses of $407,073, according to the plea deal. Shushpanov has agreed to forfeit $303,093. Apparently, Shushpanov did not defraud any bank, according to criminal court records.
Shushpanov, who drove a $21,000 Mercedes and had a $450,000 home, listed his total assets at $267,882 and his total liabilities at $1,017,318. As a JP Morgan Chase business banker he was paid about $66,000 a year, according to his bankruptcy documents filed in U.S. District Court in Tampa.
Shushpanov was released on his own recognizance pending his sentencing hearing that has yet to be scheduled. As a condition of his release, criminal court filings showed that he surrendered his American passport and his Russian passport.
“Igor Shushpanov accepted responsibility for his actions by his plea of guilty to an information and plea agreement,” Shushpanov’s attorney Mark J. O’Brien in Tampa said in a prepared statement.
“He has shown and will continue to show remorse for his actions. He looks forward to a brighter tomorrow.”
READ MORE: Igor Shushpanov’s Plea Agreement
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