New Jersey Man Sentenced in Multi-Million Dollar Bank Fraud Conspiracy – Crypto News – Crypto News
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Maryland Man Masterminds $1,500,000 Bank Fraud Scheme, Trains Team To Memorize Identities and Open Fake Accounts Maryland Man Masterminds $1,500,000 Bank Fraud Scheme, Trains Team To Memorize Identities and Open Fake Accounts

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New Jersey Man Sentenced in Multi-Million Dollar Bank Fraud Conspiracy – Crypto News

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4 weeks ago

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A New Jersey man is heading to federal prison for his role in a multi-million-dollar bank fraud conspiracy.

Rajendra G. Parikh has been sentenced to two years in prison, convicted of fraudulently obtaining more than $35 million in SBA-guaranteed loans from financial institutions to purchase and flip hotels.

The FDIC Office of Inspector General says that between 2018 and 2020, Parikh and co-conspirators made material misrepresentations about sellers’ identities, familial relationships and equity injections during the loan application process.

The group created shell companies with straw owners to control both sides of the transactions and solicit loans under false pretenses.

Prosecutors say financial institutions relied on the false statements to approve the loans.

Co-conspirators Mehul Ramesh Khatiwala received seven years and Jennifer H. Watkins received three years in related sentencings.

In addition to Parikh’s prison sentence, he will face three years of supervised release and has been ordered to forfeit $6 million while paying over $6 million in restitution.

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