An Indian businessman was arrested in the US today for defrauding investors of about $2.4 million and could face up to 20 years in prison.
Janamjot Singh Sodhi, 35 of California was arrested on a warrant issued earlier this week for the investment fraud scheme, US Attorney Benjamin Wagner said.
According to the complaint, Sodhi-owned Elite Financial and enticed investors into giving him money for investment opportunities, but used the money instead to pay off previous investors and for his own personal use.
Since 2005, Sodhi's license to sell investments had been revoked and in January 2009, California issued a cease and desist order against him and Elite Financial from selling securities to investors.
It is alleged that Sodhi defrauded investors of $2.4 million.
If convicted, Sodhi faces a maximum penalty of 20 years in prison and a USD 250,000 fine.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app