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Suni Munshani, Tech CEO, Charged in $9 Million Defraud Scheme
Damian Williams, the United States Attorney for the Southern District of New York and Michael J. Driscoll, the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (‘FBI’), announced the unsealing today of an indictment charging SUNI MUNSHANI with operating multiple long-running schemes to defraud a Connecticut-based technology company (the ‘Victim Company’) of millions of dollars.
SUNI MUNSHANI was arrested earlier today in the District of Connecticut, and SURESH MUNSHANI, his brother, was arrested earlier today in the Southern District of New York. The defendants were presented this afternoon before U.S. Magistrate Judge Ona T. Wang. The case is assigned to U.S. District Judge Jed S. Rakoff.
U.S. Attorney Damian Williams said: ‘We allege Mr. Munshani spent the better part of his seven years as CEO of a company setting up contracts with fake companies that he created and with a company in which he held an undisclosed ownership interest, and then pocketed the checks. Much of the money paid to these companies was for services that were never rendered.’
According to the allegations contained in the Indictment and statements made during court proceedings, SUNI MUNSHANI, a self-described technology entrepreneur, was the CEO of the Victim Company, which provided data security services to its clients. Within six months of his appointment as CEO, MUNSHANI began an approximately seven-year scheme to defraud the Victim Company through fraudulent agreements with a purported third-party contractor (‘Individual-1’) and a company purportedly controlled by that third-party (the ‘Individual-1 Company’).
SUNI MUNSHANI was charged with multiple felony charges including operating multiple long-running schemes to defraud a Connecticut-based technology company of millions of dollars. Specifically, he was charged with one count of conspiracy to commit wire fraud and honest services wire fraud, in violation of Title 18, United States Code, Section 1349; one count of wire fraud, in violation of Title 18, United States Code, Section 1343; one count of honest services wire fraud, in violation of Title 18, United States Code, Section 1346; and one count of money laundering conspiracy, in violation of Title 18, United States Code, Section 1956(h).
If convicted, SUNI MUNSHANI faces a maximum sentence of 20 years in prison, or up to life if convicted of money laundering conspiracy. The Victim Company was defrauded of over $9 million.
Damian Williams, the United States Attorney for the Southern District of New York, announced the unsealing of the indictment.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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