Florida Man Pleads Guilty In $20M Fraud… Again
If the judge in the U.S. Attorney’s Office thought the defendant looked familiar, he was right. When 38-year-old Florida man Nikesh Patel pleaded guilty to an indictment against him, chargng him with 13 counts of money laundering, wire fraud, and related charges, it wasn’t his first rodeo. Patel was charged after a huge fraud case back in 2014 that netted him a total of $179,000,000.
After his convinction, Patel seemed to be walking the straight and narrow, making real progress toward paying back his victims. But that, according to the U.S. Attorney’s Office, was not the case. They say Patel was involved in yet another scheme. Before he was cuaght, investigators say Patel scammed another $20,000,000 from his victims. The new fraud, which involved three parts, went something like this. Patel allegedly fabricate fake loan documents that seemed to be verified by a bank in Miami. They were not. Second, Patel applied to the USDA for business loans. Because the USDA thought the documents were genuine, the loans were okayed. The final step was to sell the fake loans to the Federal Agricultural Mortgage Corporation. While it amy seem like a labor-intensive scheme, authorities say it earned Patel almost $20,000,000 after only three attempts. Officials say Patel tried to leave the country after his previous conviction. He now faces up to 25 years in prison for his latest charges, which include conspiracy, wire fraud and money laundering. Patel’s sentncing date has not been announced. Source: WFLA.com
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