Indian pleads guilty to defrauding investers of over USD 2.3mn
PTI: New York, Jan 26 2013, 17:57 IST
were being used for their intended purpose, he periodically sent them false financial statements purportedly showing the investments made on their behalf.
In some cases, he repaid certain investors with funds from newly acquired investors. He also provided investors with repayment checks that were insufficient, counterfeit, or drafted on a closed account.
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