David Shemtov Arraigned For Role In Phone Trade-In Scheme

David Shemtov Arraigned For Role In Phone Trade-In Scheme

California man, David Shemtov arraigned for his role in a phone trade-in scheme

ATLANTA (STL.News) David Shemtov has been arraigned after being charged with eight counts of wire fraud for his role in a scheme to fraudulently inflate the reimbursement value of more than 1,400 electronic devices that he submitted for trade-in.

“The ability to trade in electronic devices for cash value or gift cards allows users to recover some value for devices they no longer need,” said Acting U.S. Attorney Kurt R. Erskine. “Shemtov allegedly found a way to exploit this process to recover many times the value of the actual devices he traded in.”

“This alleged fraud scheme not only hurt the victim company, but potentially hurt consumers,” said Chris Hacker, Special Agent in Charge of FBI Atlanta.  “The courts will now decide Shemtov’s fate for allegedly choosing his own self-interest and greed over legitimate business transactions.”

According to Acting U.S. Attorney Erskine, the indictment, and other information presented in court: From approximately October 2019 through January 2020, Shemtov allegedly participated in a scheme to submit more than 1,400 fraudulent electronic device trade-in requests online.  On Internet trade-in request forms, the trade-in requests purported to have newer, higher-valued devices, typically an iPhone XS Max, to trade in. 

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Author: Waqar Nawaz