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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
