San Diego man convicted of investment fraud, pandemic loan fraud schemes

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Federal prosecutors said the schemes netted the man $35 million, and the victims included friends and family

A San Diego man charged with running an investment fraud scheme and taking millions in ill-gotten pandemic loan funds was convicted by a San Diego federal jury last week of more than two dozen counts of securities fraud, bank fraud, and money laundering.

Prosecutors said investors were told Bhakta’s companies would purchase discounted blocks of hotel rooms from Hilton, then sell those rooms for a profit to United Airlines and other companies. Among the investment fraud victims were Bhakta’s uncle, who lost $4.5 million, as well as Bhakta’s friends and other family members.

Two years after the investment fraud charges were filed, federal prosecutors charged Bhakta in connection with 18 Paycheck Protection Program loans he applied for, totaling $4.4 million.

 

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المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين