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Knoxville Hotel Owner Sentenced to 42 Months in Prison for Bank Fraud
A Knoxville hotel owner has been sentenced to serve 42 months in federal prison for his role in a bank fraud scheme. Jayesh Dahyabhai Patel, 49, of Knoxville, Tenn., was sentenced on January 15, 2015, by the Honorable Leon Jordan, U.S. District Court Judge.
Patel was also ordered to pay restitution of $2,806,438.20 to First Community Bank and serve five years of supervised release upon his release from prison.
The scheme involved providing false tax returns to induce First Community Bank to issue a loan for the purchase and renovation of a Knoxville hotel. Patel also provided false invoices to induce the bank to disburse loan funds and provided additional false tax returns to increase the amount of the loan.
The case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Neil Smith represented the United States.
Patel was indicted in May 2014 and pleaded guilty in July 2014 to bank fraud. He was charged with engaging in a scheme from approximately January 2009 to August 2011 to defraud First Community Bank of East Tennessee, Kingsport, Tenn.
The scheme caused First Community Bank to suffer losses of $2,806,438.20. Patel’s sentence is a result of his involvement in the bank fraud scheme, which involved providing false information to obtain a loan for his business, QIS Knoxville, LLC.
The case is a reminder of the importance of honesty and transparency in financial dealings. Patel’s actions had serious consequences for First Community Bank and its customers.
Key Facts
- State: Tennessee
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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