Indian arrested for investment fraud
Quotes

Indian arrested for investment fraud

Last Updated: Saturday, September 17, 2011, 11:40
 
 Comment 0
 
Indian arrested for investment fraud

New York: An Indian businessman was arrested in the US Saturday for defrauding investors of about USD 2.4 million and could face up to 20 years in prison.

Janamjot Singh Sodhi, 35 of California was arrested on a warrant issued earlier this week for the investment fraud scheme, US Attorney Benjamin Wagner said.

According to the complaint, Sodhi owned Elite Financial Inc and enticed investors into giving him money for investment opportunities, but used the money instead to pay off previous investors and for his own personal use.

Since 2005, Sodhi's license to sell investments had been revoked and in January 2009, California issued a cease and desist order against him and Elite Financial from selling securities to investors.

It is alleged that Sodhi defrauded investors of USD 2.4 million.

If convicted, Sodhi faces a maximum penalty of 20 years in prison and a USD 250,000 fine.

PTI




First Published: Saturday, September 17, 2011, 11:40


Comments


comments powered by Disqus
Apple Smartwatch unveiled
Apple Smartwatch unveiled
Apple iPhone 6, iPhone 6 plus
Apple iPhone 6, iPhone 6 plus
Samsung Galaxy Tab 4 Nook
Samsung Galaxy Tab 4 Nook
BMW-X3
BMW-X3
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved