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Bank Fraud Scheme Lands Edgewater Man in Federal Prison
ORLANDO, FLORIDA – In a shocking case of financial deception, 38-year-old Edgewater resident Mrugesh G. Patel was sentenced to 18 months in federal prison for his involvement in a brazen bank fraud scheme.
According to court documents, Patel participated in a scheme to defraud federally insured banks, including TD Bank and Centerstate Bank, between February 2011 and December 2012. He opened numerous bank accounts under the names of various Florida-based companies he had established, then used these accounts to make bulk deposits of fraudulent bank drafts made payable to his companies.
The bank drafts were made using the unauthorized account information of other individuals, businesses, and entities. Patel also made false representations to bank representatives when he opened the accounts and during the time period that he was making the deposits.
The scheme, which caused over $1,352,956 in losses to victims, was a complex web of deceit that allowed Patel to use some of the money for personal expenditures and to pay third parties. During the investigation, law enforcement seized over $400,000 in illegal proceeds from bank accounts that Patel controlled.
Patel pleaded guilty to the charges on December 19, 2016, and was subsequently sentenced by U.S. District Judge Paul G. Byron. The court also entered a money judgment in the amount of $405,087.99, the proceeds of the offense.
The case was investigated by the U.S. Secret Service and the Internal Revenue Service-Criminal Investigation, with Assistant United States Attorneys Andrew C. Searle and Nicole Andrejko handling the prosecution.
Patel’s sentence serves as a stark reminder of the consequences of engaging in such egregious financial crimes. As the Grimy Times continues to expose the darker side of human nature, we remain committed to shedding light on the devastating impact of white-collar crimes on innocent victims and their families.
Key Facts
- State: Florida
- Category: White Collar Crime|Fraud & Financial Crimes|Crime
- Source: DOJ Press Release â†â€â€
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