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Man pleads guilty in 5 mln USD Ponzi scheme in US

Man pleads guilty in 5 mln USD Ponzi scheme in US

India Blooms News Service | @indiablooms | 23 Apr 2019, 10:05 am

Los Angeles, Apr 23 (Xinhua/UNI) A Canadian national pleaded guilty on Monday to federal fraud charges for defrauding investors in a 5-million-US-dollar Ponzi scheme.

After entering his plea, Khemraj Dave Hardat, 50, a former resident of Los Angeles, now faces a statutory maximum sentence of 100 years in prison, according to a press release by the US Attorney's Office, Central District of California.

In a plea agreement filed in United States District Court, Hardat admitted that from August 2014 through November 2018, he falsely held himself out as a successful investor and businessman in the performance beverage and water-bottling industries.

"Hardat duped his investors by falsely representing that he had advanced educational degrees ... and that he maintained relationships with established business figures such as computer entrepreneur Michael Dell and the chief executive officer of PepsiCo," the document said.

He also falsely represented that Basketball Hall of Famer Shaquille O'Neal was one of his business partners, and that professional basketball star Stephen Curry would be endorsing one of his company's products.

According to court documents, Hardat showed doctored digital images of bank account statements to victims as proof showing he was a successful businessman.

Instead of using the investors' fund to do business, Hardat pocketed the money to pay off his personal debts, purchase luxury cars, pay rent at his Ritz-Carlton Residences, pay tuition for exclusive private schools for his children, and purchase luxury boxes and tickets for sporting and entertainment events, the press release quoted the plea agreement as saying.  

Man pleads guilty in 5 mln USD Ponzi scheme in US

India Blooms News Service
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