The Hunt for the Next 10 Bagger

[ORCA]

UNREAL 26 credit cards?After establishing a good credit history, JABAK charged purchases
and took cash advances totaling approximately $120,000 on 26 credit cards
during April and May of 2002. Many of the personal items JABAK purchased with
the credit cards, such as electronics and jewelry, he either gave away or
sold.

(PR NEWSWIRE) Palmer Man Sentenced to 15 Months for Credit Card Scheme and Bank
uptcy Fraud, Reports U.S. Attorney
Palmer Man Sentenced to 15 Months for Credit Card Scheme and Bankruptcy Fraud, R
ports U.S. Attorney

BOSTON, Feb 1 /PRNewswire/ -- A Palmer man, formerly of Methuen, was
sentenced today in federal court to 15 months, for one count of mail fraud in
connection with a scheme to defraud multiple credit card companies by
incurring charges he had no intention to repay, and one count of bankruptcy
fraud for filing a bankruptcy case in order to discharge those credit card
debts without disclosing all his assets.
United States Attorney Michael J. Sullivan and Kenneth W. Kaiser, Special
Agent in Charge of the Federal Bureau of Investigation in New England,
announced today that MOHAMED N. JABAK, age 31, of 108 Mason Street, Palmer,
Massachusetts, and formerly of Methuen, Massachusetts, was sentenced today by
U.S. District Judge Rya W. Zobel to 15 months' imprisonment, to be followed by
three years of supervised release, $101,294.52 in restitution, and a $200
special assessment. JABAK pleaded guilty on August 24, 2005.
At the earlier plea hearing, the prosecutor told the Court that had the
case proceeded to trial the Government's evidence would have proven that JABAK
obtained multiple credit cards, in some cases using false salary and
employment information, then engaged in transactions to establish a good
credit history. JABAK took substantial cash advances on some credit cards,
deposited the funds in his bank account and then used the same funds to repay
the cash advances the following month. JABAK also made substantial purchases
on some cards, and returned the goods the following month for credit to his
account. After establishing a good credit history, JABAK charged purchases
and took cash advances totaling approximately $120,000 on 26 credit cards
during April and May of 2002. Many of the personal items JABAK purchased with
the credit cards, such as electronics and jewelry, he either gave away or
sold.
JABAK ceased making payments on many of his credit cards in April 2002 and
made no payments after June 2002, then filed for bankruptcy in January 2003 to
discharge all the credit card debt. During his bankruptcy proceeding, JABAK
failed to disclose his ownership of over $8,000 in assets; that he had made
two $5,000 credit card payments for the benefit of a friend's Michigan gas
station; or that he had given away or sold to relatives, friends and others
many personal items, such as jewelry, audio and video equipment, and clothing.
The case was referred to the U.S. Attorney's Office by the U.S. Trustee's
Office in Boston and Worcester. It was investigated by the Federal Bureau of
Investigation. It is being prosecuted by Assistant U.S. Attorney Mark J.
Balthazard in Sullivan's Economic Crimes Unit.
SOURCE U.S. Attorney


Contact Information:
Christina DiIorio-Sterling of the U.S. Attorney's office, [phone]
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