Red flags, copy-with-cite, case summaries, annotated statutes and more. The cities are Baton Rouge LA, Carson City NV, Chicago IL, El Dorado Hills CA, Phoenix AZ, Sacramento CA, Seattle WA, Sequim WA, W Sacramento CA, and West Sacramento CA. This case is the product of an investigation by the Federal Bureau of Investigation, the Internal Revenue Service, Criminal Investigation, and the Federal Deposit Insurance Corporation, Office of Inspector General, Office of Investigations. Guru was arrested by Indian authorities 2012 and charged with conspiracy and cheating after the scheme unraveled. Robert Rocco, 48, was indicted in 2013 on multiple federal fraud charges that could land him behind bars for decades. 501 I Street, Suite 10-100 Former Sacramento tennis team owner ordered to pay $108 million This ruling concludes the federal criminal prosecution; civil proceedings in the United States Bankruptcy Court are ongoing. In truth, the government contracts were worth only $25,000. The Government filed an opposition. He has served approximately 76 months of his 240-month sentence of imprisonment and his projected release date is March 7, 2031. A locked padlock Contrary to his representations, Wannakuwatte used much of the money he obtained to pay himself and his family, make lulling payments to participants in his fraudulent investment schemes, and pay outstanding debts unrelated to his false representations. He used investors money to pay the overstated tax returns. However, the truth was that neither the meat nor the oil from emus was valuable. Horacio Ortega-Martinez, 36, a citizen of Mexico residing in Bakersfield, was sentenced today to 18 months in prison for possessing roosters for the purpose of using them in an animal A Bakersfield man was sentenced today to an additional month in prison to be followed by 11 months home detention and 36 months of supervised release for knowingly aiming the Federal agent pleaded guilty Wednesday to one count of making a false statement in connection with a sexual relationship she had with a victim witness in a separate federal criminal Sacramento Main Office In total, over two dozen investors invested at least $5 million. Many of the victims will never be made whole, Wagner said. Many of these so-called net winners later faced clawback lawsuits by the court-appointed bankruptcy trustee seeking to recover funds for Madoffs victims who were not as fortunate. emailStay Connected His firm, Madoff Investment Securities LLC, offered consistent annual returns averaging 10% through a purported strategy that combined the purchase of blue-chip equities and corresponding options. 2023 InvestorPlace Media, LLC. Wannakuwatte told his victims he had $100 million worth of contracts to supply latex gloves to veterans hospitals, when in fact the contracts totaled just $25,000 a year. 3582(c)(1)(A) is only available. However, the reality was that Persaud did not invest in futures markets; instead, his trading strategies were based on lunar cycles and the gravitational pull between Earth and the moon. As to his conditions of confinement, Defendant has not shown he is unable to manage his health conditions and minimize his risks through self-care. RelyAid did have one contract with the Department but it was worth only $25,000. Betsy Wannakuwatte, the wife of Deepal Wannakuwatte, was served by personal service on the same date. The sentence imposed today is tantamount to a life sentence, although no amount of prison time will undo the harm he caused to so many victims. The total losses to investor victims exceeds $100 million. Email Email. 138.) A lock () or https:// means you've safely connected to the .gov website. - Be wary of an investment opportunity that offers unusually high yields. When the so-called lifeblood of a Ponzi scheme dries up and investor obligations cannot be met, the scheme unravels often in destructive fashion, leaving a path of devastation in its wake and irreversibly affecting the lives of those ensnared in its web.
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