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Nikesh A. Patel, CEO, Pleads Guilty in $179M Loan Scheme
CHICAGO — Nikesh A. Patel, 33, of Windermere, Fla., pleaded guilty on Tuesday to five counts of wire fraud in connection with the sale of $179 million in sham loans to a Milwaukee investment company.
The conviction carries a maximum sentence of 100 years in prison and a fine of $1,250,000. U.S. District Judge Charles P. Kocoras set sentencing for April 6, 2017, at 9:45 a.m.
Patel was the Chief Executive Officer of First Farmers Financial LLC when the company sold three fabricated loans totaling approximately $20 million to a Tennessee-based investment firm, and 26 fabricated loans to a Milwaukee investment firm for $179 million.
Between November 2012 and September 2014, Patel created and assisted in creating false documents sent to the investment firms in support of these loans. Patel submitted documents to the Milwaukee investment firm that falsely created the appearance that his company had lent money to borrowers in Florida and Georgia – in amounts ranging from $2.5 million to $10 million – and that a portion of the loans were guaranteed by the federal government under a program administered by the U.S. Department of Agriculture.
All 26 loans were completely fabricated with no actual borrower, no pre-existing loan, and no government guarantee.
The government is represented by Assistant U.S. Attorneys Patrick King and Rick Young.
A co-defendant, Timothy G. Fisher, president of First Farmers Financial LLC, was also convicted in connection with the fraud. Fisher, of Pasadena, Calif., pleaded guilty last month to one count of money laundering. Fisher faces up to ten years in prison when he is sentenced by Judge Kocoras on May 4, 2017, at 9:45 a.m.
Key Facts
- State: Illinois
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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