Federal prosecutors say a Virginia businessman has been sentenced to jail for a $1.three million investment scheme that induced losses for 40 victims.
The U.S. Lawyer for the Japanese District of Virginia announced Friday that Amrit Jaswant Singh Chahal was sentenced to 2 ½ years in prison. Courtroom documents present he agreed final yr to plead responsible to wire fraud and securities and commodities fraud.
Authorities say Chahal falsely informed shoppers his firm earned returns of greater than 28 % annually. They say he falsified brokerage statements to conceal losses.
They say he operated a Ponzi scheme through the use of money from newer buyers to pay older buyers and make it seem that they had a return on funding.
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A lawyer for Chahal didn’t immediately reply to an e-mail Saturday looking for remark.