{{currentYear}} American Bar Association, all rights reserved. Todays sentencing represents the severity of the fraud committed by Wannakuwatte and those he hurt the most: the victims who fell prey to the massive fraud scheme. 1343. Get FBI email alerts From 2002 until his arrest in February 2014, Wannakuwatte defrauded between 150 and 200 individuals, companies, and government entities out of $230,000,000 through a classic Ponzi scheme. I want to commend the FBI and IRS-CI for detecting and swiftly stopping this scheme before it caused even greater losses., Wanakuwattes victimsindividuals, businesses, government agencies, venture funds, and financial institutionssuffered as his elaborate scheme collapsed. In fact, there were no such invoices, and no such debt was owed by the VA to IMG. Losses incurred by the victim financial institutions often threatened their financial stability and reputations. The judge called him a liar and his victims labeled him a cheater and a sociopath. ), No. Former Sacramento tennis team owner ordered to pay $108 million The three later entered into plea agreements with prosecutors, resulting for prison terms for the husband and son and a suspended sentence for the wife. Have a question about Government Services? Wannakuwatte ran a Ponzi scheme in California through his company, International Manufacturing Groupone where money from new investors goes to interest payments from older investorsfor nearly a decade before the scam imploded in 2014. Defendant Deepal Wannakuwatte has pleaded guilty to running a massive Ponzi scheme and agreed to forfeit various assets connected to that fraud scheme, including sixteen real properties, four vehicles, twenty-one bank accounts, three life insurance policies, seven checks/money orders and two partnership interests. . An Internet Mortgage Provider Reaps the Rewards of Lending Boldly For individual investors, Wanakuwatte had encouraged them to obtain their investment money from the equity in their homes or from their retirement accountsas a result, many lost everything. For example, a $257 invoice was modified to create a $12 million invoice. Owner of Las Vegas WTT franchise arrested on federal fraud charges Subscribe In California, a former tennis team owner was arrested earlier this year and charged with defrauding investors out of at least $125 million through his medical equipment businesses, International Manufacturing Group (IMG) and RelyAid.
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