NEWARK — A Lakewood man pleaded guilty in federal court Tuesday to money laundering in a wire fraud scheme that resulted in more than $1 million in losses to a multinational financial services corporation, authorities said.

Eli Schamovic, 41, appeared before U.S. District Judge Kevin McNulty to admit to the single charge.

Schamovic made or caused others to make fraudulent financial transactions through at least two companies that he established and that were identified as a group of merchants using various credit card processing companies, U.S. Attorney Philip R. Sellinger said in a statement.

Schamovic laundered portions of the money he netted from this scheme, including a $500,000 wire transfer from a bank account that he controlled, Sellinger said.

Money laundering can bring a penalty of up to 10 years in prison and a fine of $250,000 or more if there is a conviction.

Sentencing for Schamovic is scheduled for Sept. 8.

Ken Serrano covers crime, breaking news and investigations. Reach him at 732-643-4029 or kserrano@gannettnj.com.

This article originally appeared on Asbury Park Press: Lakewood NJ man admits to money laundering in wire fraud case