A Salamanca man was slammed with a 48-count indictment Thursday for allegedly operating fraudulent debt restructuring businesses.

According to Assistant U.S. Attorney Trini Ross, who is handling the case, Sergiy Bezrukov, 33, allegedly operated the businesses out of two offices in the Western New York area.

Specifically, according to the indictment, Bezrukov sent solicitation letters under various false and fictitious names, offering to assist small businesses with restructuring high interest loans. After the small businesses agreed to work with Bezrukov and his company, he withdrew sums of money from the accounts of the small businesses and used those funds for purposes not associated with assisting the small businesses.

When the small business owners attempted to contact the defendant or others at the fraudulent company, they would get no response. Bezrukov reportedly used the fraudulent debt restricting business to defraud approximately 200 victims out of $1.2 million.

Bezrukov is charged with conspiracy to defraud, mail fraud, wire fraud, bank fraud and money laundering. The charges carry a maximum penalty of 30 years in prison and a $1 million fine.

He is being held pending arraignment on May 9 at 11 a.m. before U.S. Magistrate Judge H. Kenneth Schroeder.