NEWARK, N.J. – In a shocking turn of events, Shreyans Desai, the former president of a Middlesex County, N.J., investment company, admitted to defrauding investors out of more than $250,000.
Shreyans Desai, 27, of Edison, pleaded guilty before U.S. District Judge William J. Martini in Newark federal court to Counts One and Two of a superseding indictment charging him with wire fraud.
The third count in the indictment, securities fraud, will be dismissed after Desai is sentenced.
According to documents filed in this case and statements made in court, Desai misled a number of investors about his licensing status and the registration status of the company to induce them to entrust their money to him so that he could trade securities on their behalf.
Desai then sought to retain control of the funds by providing investors with an inflated value of their investments, and also inflated the amount of commissions he purportedly earned through trading those funds.
The wire fraud counts to which Desai pleaded guilty each carry a maximum potential penalty of 20 years in prison and a $250,000 fine.
Sentencing is scheduled for August 13, 2014.
U.S. Attorney Paul J. Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Aaron T. Ford, with the investigation leading to today’s guilty pleas.
Related Federal Cases
- Marc Henry Menard, Investment Fraud Scheme, Mineola NY, 2023 · Florida
- Sato Satka, Bank Fraud, New Jersey 2024 · Illinois
- Vincent J. Gamuzza, Health Care Fraud, New Jersey 2023 · Pennsylvania
- Lissette Delarosa, Mail Fraud Conspiracy, New Jersey 2010 · Florida
- Michael Esposito, Wire Fraud, New Jersey 2013 · Pennsylvania
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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