Indian-American pleads guilty in $20 mn fraud scheme
Darpan News Desk IANS, 07 Mar, 2023 05:31 PM
New York, March 7 (IANS) A 38-year-old Indian-American has pleaded guilty to charges related to almost $20 million in fraud that he perpetrated while on federal pretrial release for another crime.
Nikesh Ajay Patel of Florida was charged with 13 counts, including one count of conspiracy to commit wire fraud, three counts of wire fraud, one count of conspiracy to commit money laundering, and eight counts of money laundering.
He faces a maximum penalty of 30 years in federal prison for each count of conspiracy and wire fraud, and up to 20 years' imprisonment for each money laundering count, according to a Department of Justice release.
His sentencing date has not yet been scheduled, Attorney Roger B. Handberg announced on Monday.
According to court documents, Patel, who was charged in 2014 by the US Attorney's Office in the Northern District of Illinois for a $179 million fraud scheme, was arrested and released on bond.
For the next several years, Patel claimed that he was cooperating with authorities and using his business skills to get funds to repay some of what he owed.
In fact, Patel had devised a new scheme that netted him almost $20 million.
As part of his three-part fraud scheme, Patel first fabricated fraudulent loan documents that falsely represented that a bank in Miami had authorized loans to be made to convert hotels in rural areas into assisted living facilities.
Although the bank in Miami exists, it had never made any of the loans.
The person who was listed as signing the loans ("Ron Elias") was a fictitious identity used by Patel to perpetrate his conspiracy and scheme.
Second, Patel applied to the US Department of Agriculture (USDA) to guarantee the fake loans pursuant to its Business and Industry Guaranteed Loan Program.
Finally, after the USDA agreed to guarantee the fake loans, Patel sold the guaranteed portion of the fake loans to the Federal Agricultural Mortgage Corporation, also known as Farmer Mac.
Patel executed the scheme on three occasions, receiving almost $20 million in proceeds.
He used a portion of the funds from that scheme to pay some of his restitution, but he was saving much of it to flee the US.
Three days prior to his sentencing in the Northern District of Illinois in 2018, Patel was arrested at the airport in Kissimmee.
He had chartered a flight to Ecuador, where he intended to request political asylum and live off the proceeds that he had obtained from his new scheme.
Instead, Patel's bond was revoked and the US Marshals Service transported him to the Northern District of Illinois.
On March 6, 2018, he was sentenced to 25 years in federal prison for his case in the Northern District of Illinois.
Barrons, a Dow Jones & Company publication, said that tensions in the "Middle East have the potential to lift prices." It noted that earlier JP Morgan had predicted that oil prices could touch $80 a barrel with rising demand and constraint supply.
While Biden has previously blamed Afghans for the U.S. failure to get out more allies ahead of this month's sudden Taliban takeover, U.S. officials told The Associated Press that American diplomats had formally urged weeks ago that the administration ramp up evacuation efforts.
In a statement on Friday, the U.N. health agency said the new scientific group would provide the WHO with an independent analysis of the work done to date to pinpoint the origins of COVID-19 and to advise the agency on necessary next steps. The experts will also provide guidance on critical issues regarding the potential emergence of other viruses capable of triggering outbreaks, such as MERS and Ebola.
During their first press conference on Tuesday the Taliban pressed the right button-backing women's rights. But their promise of protecting women's rights had an important nuance: Women will enjoy freedoms but within the ambit of "Islamic law" .
A contingent of persons from the Hindu and Sikh communities who are stranded in Afghanistan were provided reassurance of safety by the Taliban, media reports said. Over 300 Hindus and Sikhs are reportedly taking shelter at the Karte Parwan Gurudwara in Kabul.
We need humanitarian supplies. The refugee situation we updated you with last week and the week before has only deteriorated. We have 300,000 internal refugees and 80,000 children who are without shelter and food. Where we were short of supplies, now we are out.
