Orlando, FL – United States Lawyer Roger B. Handberg declares that Nikesh Ajay Patel (38, previously of Windermere) has pleaded responsible to an indictment charging him with 13 counts associated to nearly $20 million in fraud that he perpetrated whereas on federal pretrial launch. Patel has pleaded responsible to 1 rely of conspiracy to commit wire fraud, three counts of wire fraud, one rely of conspiracy to commit cash laundering, and eight counts of cash laundering. He faces a most penalty of 30 years in federal jail for every rely of conspiracy and wire fraud, and as much as 20 years’ imprisonment for every cash laundering rely. His sentencing date has not but been scheduled.
In line with courtroom paperwork, Patel, a Central Florida resident, was charged in 2014 by the U.S. Lawyer’s Workplace within the Northern District of Illinois for a $179 million fraud scheme. He was arrested and launched on bond. For the subsequent a number of years, Patel claimed that he was cooperating with authorities and utilizing his enterprise expertise to get funds to repay a few of what he owed. In reality, Patel had devised a brand new scheme that netted him nearly $20 million.
Patel’s new fraud scheme concerned three components. First, Patel fabricated fraudulent mortgage paperwork that falsely represented {that a} financial institution in Miami had licensed loans to be made to transform lodges in rural areas into assisted dwelling amenities. Though the financial institution in Miami exists, it had by no means made any of the loans. The one who was listed as signing the loans (“Ron Elias”) was a fictitious identification utilized by Patel to perpetrate his conspiracy and scheme. Second, Patel utilized to the US Division of Agriculture (USDA) to ensure the pretend loans pursuant to its Enterprise and Business Assured Mortgage Program. Third, after the USDA agreed to ensure the pretend loans, Patel bought the assured portion of the pretend loans to the Federal Agricultural Mortgage Company, also called Farmer Mac. Patel executed the scheme on three events, receiving nearly $20 million in proceeds. Patel used a portion of the funds from that scheme to pay a few of his restitution, however he was saving a lot of it to flee the US.
Patel’s sentencing within the Northern District of Illinois was set for January 9, 2018. Three days earlier than that, he was arrested on the airport in Kissimmee. Patel had chartered a flight to Ecuador, the place he meant to request political asylum and stay off the proceeds that he had obtained from his new scheme. As a substitute, Patel’s bond was revoked and the U.S. Marshals Service transported him to the Northern District of Illinois. On March 6, 2018, Patel was sentenced to 25 years in federal jail for his case within the Northern District of Illinois.
This case was investigated by the Federal Bureau of Investigation and the U.S. Division of Agriculture, Workplace of Inspector Basic. It’s being prosecuted by Assistant United States Lawyer Michael P. Felicetta and United States Lawyer Roger B. Handberg.
