A New Jersey man is heading to federal jail for his position 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 Common says that between 2018 and 2020, Parikh and co-conspirators made materials misrepresentations about sellers’ identities, familial relationships and fairness injections throughout the mortgage utility course of.
The group created shell corporations with straw homeowners to regulate either side of the transactions and solicit loans below false pretenses.
Prosecutors say monetary establishments relied on the false statements to approve the loans.
Co-conspirators Mehul Ramesh Khatiwala obtained seven years and Jennifer H. Watkins obtained 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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