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Edgewater Man Sentenced for Bank Fraud Scheme
Orlando, Florida – In a shocking case of financial deceit, Mrugesh G. Patel, a 38-year-old resident of Edgewater, Florida, has been sentenced to 18 months in federal prison for his involvement in a bank fraud scheme that caused over $1.3 million in losses to victims.
U.S. District Judge Paul G. Byron handed down the sentence on [date], marking the culmination of an investigation that lasted several years. The court also entered a money judgment in the amount of $405,087.99, the proceeds of the offense.
Patel pleaded guilty to the charges on December 19, 2016, and since then, the court has been weighing the evidence against him. The case was investigated by the U.S. Secret Service and the Internal Revenue Service-Criminal Investigation.
According to court documents, between February 2011 and December 2012, Patel participated in a scheme to defraud federally insured banks, including TD Bank and Centerstate Bank. He opened numerous bank accounts under the names of various Florida-based companies that he had established. He 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.
Patel’s fraud scheme caused more than $1,352,956 in losses to victims whose account information was used to create the fraudulent bank drafts. He used some of this 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.
The case was prosecuted by Assistant United States Attorneys Andrew C. Searle and Nicole Andrejko. Patel’s sentence serves as a stern warning to those who would seek to deceive and defraud institutions and individuals alike.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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