Parmjit Parmar, Securities Fraud, New Jersey 2025

⏱ 2 min read

Parmjit Parmar, the former CEO of a publicly traded healthcare services company, orchestrated a massive $212 million investment fraud scheme in New Jersey from May 2015 to September 2017. Along with his conspirators, Parmar tricked investors into believing the company was worth substantially more than its actual value. The scheme involved funneling millions of dollars through bank accounts controlled by the conspirators, with the goal of raising tens of millions of dollars in the public markets. Parmar’s motives were purely financial, as he sought to reap huge profits from the fraudulent scheme. The scheme ultimately collapsed, and Parmar was brought to justice.

According to court documents, Parmar and his co-conspirators, including Sotirios Zaharis and Ravi Chivukula, used fraudulent methods to inflate the company’s value. They claimed that the company was worth hundreds of millions of dollars, when in reality, it was worth significantly less. The conspirators used this inflated value to convince investors to put up millions of dollars to fund a transaction to take the company private.

Parmar pleaded guilty to conspiracy to commit securities fraud on May 7, 2025, and was sentenced to 60 months in prison on May 5, 2026. He was also ordered to pay more than $125 million in victim restitution and will serve three years of supervised release after his prison term. The sentence reflects the severity of the crime and the significant financial harm caused to the victims.

The investigation and prosecution of Parmar’s case demonstrate the commitment of law enforcement agencies to combating white-collar crime and protecting investors from fraudulent schemes. The sentence serves as a warning to others who would engage in similar activities, and it provides a measure of justice for the victims of the scheme.

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