{"id":46731,"date":"2026-06-30T07:04:43","date_gmt":"2026-06-30T07:04:43","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=46731"},"modified":"2026-06-30T07:04:43","modified_gmt":"2026-06-30T07:04:43","slug":"new-jersey-man-sentenced-in-multi-million-dollar-bank-fraud-conspiracy","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=46731","title":{"rendered":"New Jersey Man Sentenced in Multi-Million Dollar Bank Fraud Conspiracy"},"content":{"rendered":"

\"\"<\/p>\n

A New Jersey man is heading to federal prison for his role in a multi-million-dollar bank fraud conspiracy.<\/p>\n

Rajendra G. Parikh has been sentenced to two years in prison, convicted of fraudulently obtaining more than $35 million in SBA-guaranteed loans from financial institutions to purchase and flip hotels.<\/p>\n

The FDIC Office of Inspector General says<\/a> that between 2018 and 2020, Parikh and co-conspirators made material misrepresentations about sellers\u2019 identities, familial relationships and equity injections during the loan application process.<\/p>\n

The group created shell companies with straw owners to control both sides of the transactions and solicit loans under false pretenses.<\/p>\n

Prosecutors say financial institutions relied on the false statements to approve the loans.<\/p>\n

Co-conspirators Mehul Ramesh Khatiwala received seven years and Jennifer H. Watkins received three years in related sentencings.<\/p>\n

In addition to Parikh\u2019s prison sentence, he will face three years of supervised release and has been ordered to forfeit $6 million while paying over $6 million in restitution.<\/p>\n

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The post New Jersey Man Sentenced in Multi-Million Dollar Bank Fraud Conspiracy<\/a> appeared first on The Daily Hodl<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

A New Jersey man is heading to federal prison for his role in a multi-million-dollar bank fraud conspiracy. Rajendra G. Parikh has been sentenced to two years in prison, convicted of fraudulently obtaining more than $35 million in SBA-guaranteed loans from financial institutions to purchase and flip hotels. 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