Eugene Nowak of Global Funding Partners Sentenced to 3 Years for Fake 'Bridge Funding' Bank Deal

Case from 2020–2022 (U.S. Attorney's Office latest release: Nov. 10, 2022). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Eugene Z. Nowak, 57, of Jersey City, New Jersey, presented himself as president of Global Funding Partners, a Nevada corporation. He was sentenced Nov. 9, 2022, to 36 months in federal prison for taking money from investors, including some in Chicago, for a bank deal that did not exist, according to the U.S. Attorney's Office for the Northern District of Illinois [1]. U.S. District Judge Matthew F. Kennelly also imposed two years of supervised release and ordered restitution.

How the scheme worked

According to Nowak's plea agreement, as described by the U.S. Attorney's Office [1] [2]:

1. The story. From 2013 to 2016, Nowak told investors their money would provide "bridge funding," or temporary financing, so Global Funding Partners could close a $33 million transaction with a large international bank. The 2020 indictment identified the bank as Scotiabank.
2. The promises. He promised high returns in a short time and said investors could cancel at any time for a full refund with interest.
3. The reality. Neither Nowak nor Global Funding Partners was part of any such deal. He spent investor money on personal expenses, including payments to a car dealership and a pawn shop in Naples, Florida, where he lived at the time.
4. The losses. He admitted causing losses of up to $1.5 million to multiple investors.

The person sentenced

Eugene Z. Nowak, 57, Jersey City, N.J. [1]

• Charges: indicted in November 2020 on three counts of wire fraud, one of mail fraud and one of money laundering [2].
• Plea: guilty to one count of wire fraud on May 10, 2022.
• Sentence: 36 months in prison, 2 years of supervised release and restitution, imposed Nov. 9, 2022.
• Investigation: the U.S. Postal Inspection Service and the FBI.

Red flags

• "Bridge funding" or "short-term financing" for a big bank deal that you can't verify with the bank.
• High returns in weeks, with a promise you can cancel anytime for a full refund plus interest.
• Name-dropping major banks without documents you can confirm independently.

What to do if you're targeted

1. Contact the named bank directly, using contact details from its official website, to check any claimed transaction.
2. Check the promoter's registration with the SEC, FINRA and your state securities regulator.
3. Report suspected fraud to the SEC at sec.gov/tcr or the FBI at ic3.gov.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Eugene Z. Nowak, 57, Jersey City, N.J.	N.D. Ill.	Pleaded guilty to wire fraud May 10, 2022; sentenced Nov. 9, 2022, to 36 months plus 2 years of supervised release and restitution	[1], [2]

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "New Jersey Man Sentenced to Three Years in Federal Prison for Defrauding Investors Out of Up to $1.5 Million," Nov. 10, 2022. https://www.justice.gov/usao-ndil/pr/new-jersey-man-sentenced-three-years-federal-prison-defrauding-investors-out-15
2. U.S. Attorney's Office, Northern District of Illinois, "Investment Manager Indicted on Fraud Charges for Allegedly Swindling Clients Out of Hundreds of Thousands of Dollars," Nov. 19, 2020. https://www.justice.gov/usao-ndil/pr/investment-manager-indicted-fraud-charges-allegedly-swindling-clients-out-hundreds

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