Orinda man sentenced to 40 months for bank fraud, wire fraud and money laundering

Alan Safahi misled both his bank and his clients, his sentencing memo said.

An Orinda man was sentenced to 40 months in federal prison on Friday after he was convicted of fraud and money laundering in connection with a debit card scam, the U.S. Attorney’s Office said.

Safahi would collect money from clients of his company, CardEx, and use the money to purchase the debit cards. He would then use a “funding on demand” scheme to defraud the banks that supported the cards and would divert the money to his own accounts. For example, a client of the company would purchase a $100 debit card and spend $10 of the card’s balance.

He had been using the money from the fraud scheme to pay off old debts, fund his lifestyle and purchase a home in Orinda. Two days before reporting the accurate balance of the cards to the bank, he issued himself an $80,000 cashier’s check that he used to help pay for the home, which provided the basis for him to be convicted of money laundering, the U.S. Attorney’s Office said.

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