A New Jersey man is heading to federal jail for his function in a multi-million-dollar financial institution fraud conspiracy.
Rajendra G. Parikh has been sentenced to 2 years in jail, convicted of fraudulently acquiring greater than $35 million in SBA-guaranteed loans from monetary establishments to buy and flip resorts.
The FDIC Workplace of Inspector Basic says that between 2018 and 2020, Parikh and co-conspirators made materials misrepresentations about sellers’ identities, familial relationships and fairness injections throughout the mortgage software course of.
The group created shell corporations with straw house owners to regulate each side of the transactions and solicit loans beneath false pretenses.
Prosecutors say monetary establishments relied on the false statements to approve the loans.
Co-conspirators Mehul Ramesh Khatiwala acquired seven years and Jennifer H. Watkins acquired three years in associated sentencings.
Along with Parikh’s jail sentence, he’ll face three years of supervised launch and has been ordered to forfeit $6 million whereas paying over $6 million in restitution.
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