A federal judge sentenced former JPMorgan Chase business banker Igor Shushpanov to 15 months in prison for bank fraud that resulted in $407,398 in losses at three credit unions.
U.S. District Court Judge Steven D. Merryday in Tampa, Fla., last week ordered Shushpanov to pay restitution to:
- The 8.1 billion MidFlorida Credit Union in Lakeland, Fla. ($47,825);
- The $17.8 billion Suncoast Federal Credit Union in Tampa, Fla. ($56,532); and
- The $180 billion Navy Federal Credit Union in Vienna, Va. ($303,398).
According to federal prosecutors, Shushpanov admitted to opening multiple checking accounts at credit unions, obtaining credit cards or personal lines of credit, spending the funds, paying off the balances with worthless checks and then declaring bankruptcy to avoid repayment.
Court documents revealed that he distributed the fraudulent proceeds to business associates and family members. He also purchased publicly traded stocks and invested in multifamily real estate projects.
Between the time the financial institutions credited his accounts and the checks were returned for insufficient funds, Shushpanov repeatedly maxed out his credit cards and personal lines of credit, increasing his negative account balances, prosecutors said. He continued the scheme until he ultimately filed for Chapter 7 bankruptcy in February 2023.
He listed $267,882 in assets and $1,017,318 in liabilities. Bankruptcy filings showed that he amassed nearly $713,000 in unsecured debt across more than a dozen financial institutions. His case was terminated on Jan. 3.
Contact Peter Strozniak at [email protected].
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