8 March – LAWFUEL – The Law News Network – Asghar Syed, 57, and his wife, Teresa Syed, 54, former residents of San Clemente, were sentenced Monday by U.S. District Judge S. James Otero. Asghar Syed was sentenced to 46 months imprisonment for possessing fraudulently obtained credit cards, bank fraud and money laundering. Teresa Syed was sentenced to six months imprisonment, followed by five years of supervised release for using an unauthorized credit card. They were also both ordered to pay restitution, which the government has calculated at over $2.2 million in losses. The court will determine the exact amount of restitution within 90 days.
In addition to the criminal case, the government has filed civil forfeiture actions to seize two residences owned by the Syeds. The Syeds have consented to forfeiture of both homes and the government expects to collect about $1 million through the forfeiture action. This money will be used to provide restitution to the victims.
The Syeds both pleaded guilty in September 2005. Asghar Syed admitted that he and his wife possessed more than 300 unauthorized credit cards. They obtained the cards through fraud by using about 95 fictitious names and false financial information. The couple used the cards and did not pay the charges that they were incurring.
Asghar Syed also admitted that he applied for and obtained two equity lines of credit from Wells Fargo Bank by using fraudulent representations. One line of credit was in the amount of $240,000; the other was in the amount of $44,000. To obtain the loans, Asghar Syed used the alias “Asghar S. Yed” and falsely stated that he earned $19,300 per month working as a “senior project software manager” at American Technology. In reality, Asghar Syed was unemployed and American Technology was a fake “front” business that Asghar Syed set up in West Covina to make it seem as if he was employed as a high-paid business executive.
Asghar Syed also admitted that he used $3,300 from the funds he obtained by defrauding banks to pay rent to maintain an office for American Technology, his fake “front business.”
Teresa Syed admitted to fraudulent use of a credit card issued in the name of another person. She used the card to pay for her child’s tuition at a private parochial school in Orange County, as well as other expenses.
