A US man has admitted leading a stolen credit card trafficking ring that racked up fraud losses of more than $23 million.
Between 2010 and 2013, Miguel Gonzalez used email and instant messaging to buy credit card data associated with around 114,000 accounts that had been stolen through network intrusions at corporations, including retailers in New Jersey.
Gonzalez and his ring used the information to create counterfeit credit cards and then make fraudulent transactions worth more than $23 million. Gonzalez bought multiple homes, expensive jewellery and a speedboat.
He has pleaded guilty to one count of conspiracy to commit wire fraud, which carries a maximum potential penalty of 30 years in prison and a $1 million fine. Sentencing is scheduled for 21 November.