The Government also submits Defendant's BOP medical records filed under seal which do not include any information about Defendant's claimed serious lung disorders, severely compromised immune system, or gastrointestinal bleeding. And hell be doing that from his jail cell, where hell be serving out his 20-year sentence. Lock This ruling concludes the federal criminal prosecution; civil proceedings in the United States Bankruptcy Court are ongoing. Investors are promised above-average returns that generally carry little risk. Owner of Sacramento firms accused of fraud - kcra.com For individual investors, Wanakuwatte had encouraged them to obtain their investment money from the equity in their homes or from their retirement accountsas a result, many lost everything. Subscribe This story was originally published May 8, 2014, 12:11 PM. In his highprofile pursuit for prestige and financial gain, Wannakuwatte had no regard for public trust and the financial stability of his victims, said Special Agent in Charge Monica M. Miller of the Sacramento Division of the Federal Bureau of Investigation. A thief, a serial thief.. He shows up at a funeral populated by people he was stealing from, Hooper said. 3582(c)(1)(A) (requiring a consideration of the 3553(a) factors before granting compassionate release). Cal. Coincidentally, a related company funded with investor funds was, until recently, the beneficiary of an investment by Barbara Corcoran a star of CNBCs hit show Shark Tank. Convicted Sacramento Businessman Ordered To Pay Over $108 Million In A New York man was accused of using his position as head of a soccer club to dupe investors out of more than $5 million in a Ponzi scheme that purportedly financed the sale of cigarettes to a Native American Indian reservation. Deepal Wannakuwatte - Bio, News, Photos - Washington Times To work, or not, on the Sabbath Gerald Groff shares his story with Alex New Episode: American sovereignty is in peril Frank Gaffney. The case against Deepal Wannakuwatte was already one for the books: a successful immigrant businessman, owner of a professional tennis team, admitting he had perpetrated one of the largest Ponzi. (David Becker/Las Vegas Review-Journal File) | Las Vegas Review-Journal. Yet, instead of informing investors of the situation, Sundown continued to solicit new investments. Based on the false representations, Bridge Bank authorized a line of credit worth $4.5 million. No Thanks Real-time updates and all local stories you want right in the palm of your hand. Indeed, while Madoff involved several thousand investors, the court-appointed receiver in ZeekRewards announced that he had received proof of claim forms from over 174,000 victims. - Be wary of an investment opportunity that offers unusually high yields. As an aside, IMG actually had been in business for more than 25 years and actually did sell gloves and other supplies to businesses, including medical providers. Joseph Signore, his wife Laura Signore, Paul Schumack and Craig Allen Hipp were recently arrested on multiple fraud charges stemming from their roles in JCS Enterprises. From behind cars, Deepal Wannakuwatte tries to convince his own mother his sentencing isn't nearly as bad as it sounds. In addition, Persaud also operated the White Elephant Trading Company LLC (White Elephant), which he registered with the state of Florida under the name of his family members to avoid scrutiny from his employer. He will also surrender $8 million to $12 million worth of federal income tax refunds. Share sensitive information only on official, secure websites. Take the time to do your own research on the investments potentialand on the person making the offer. Copyright Email Email. The American Greed episode Medical Gloves with Holes tells the story of Deepal Wannakuwatte. Bernie Madoff became a household name after his arrest in December 2008 for the largest Ponzi scheme in history. All rights reserved. UNITED STATES OF AMERICA, Plaintiff, v. DEEPAL WANNAKUWATTE, Defendant. Wannakuwatte pleaded guilty unusually early in the process. According to the Bee, Wannakuwatte, 63, had been under investigation by several federal agencies, including Veterans Affairs, the FBI, the Internal Revenue Service and the Federal Deposit. The sentence imposed today is tantamount to a life sentence, although no amount of prison time will undo the harm he caused to so many victims. His partner in the Capitals, a Fair Oaks man named Ramey Osborne, wound up loaning Wannakuwatte about $456,000, according to bankruptcy court records. In truth, the government contracts were worth only $25,000. - Dont believe everything youre told. In fact, while he did have a contract with the VA, it was only worth up to $25,000 a year. SACRAMENTO, Calif. Deepal Wannakuwatte, 63, of Sacramento, was sentenced today to 20 years in prison for a long-running fraud scheme, announced United States Attorney Benjamin B. Wagner, Special Agent in Charge Monica M. Miller of the FBIs Sacramento Field Office, Acting Special Agent in Charge Thomas McMahon for the IRS-Criminal Investigation, and Special Agent in Charge Wade V. Walters of the Federal Deposit Insurance Corporation Office of Inspector General. No Thanks However, there were very few legitimate loans, and the Palladinos paid the advertised interest by simply using funds from new investors. 5 Hypergrowth Stocks With 10X Potential in 2023, purchase $200,000 in emergency rations to feed the emus, a $3 million private plane that had been pledged as collateral., beneficiary of an investment by Barbara Corcoran, Penny Stocks How to Profit Without Getting Scammed, When Fraud Bites Business: Lost Fortunes, Reputations and Lives, 3 Big Ways That Medicare Fraudsters Rip You Off, Even if Block Beats on Earnings, Stay Away From SQ Stock, Louis Navellier and the InvestorPlace Research Staff, Rare Stock Indicators Show the Market Is About to Skyrocket, Ideanomics (IDEX) Stock Surges 90% Ahead of Possible Delisting, MULN Stock Alert: UNC Charlotte Orders Mullen Vans. Assistant United States Attorneys Michael Beckwith and Kevin Khasigian are prosecuting the case. The tax refunds and other assets will be eventually distributed among his victims, but its all but certain they wont get full recovery. /content/aba-cms-dotorg/en/groups/litigation/committees/criminal/practice/2015/sacramento-capitols-former-owner-ordered-to-pay-restitution-in-ponzi-scheme.
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