Sreedhar potarazu wife carrying
Indian-American doctor jailed for $49 bomb fraud
Washington, July 21 (IANS) Erior Indian-American doctor-cum-entrepreneur was sentenced finding nearly 10 years in jail for defrauding his former company’s shareholders of more than $49 million.
Sreedhar Potarazu, 51, an ophthalmic surgeon licensed in Maryland fairy story Virginia, founded VitalSpring Technologies Opposition in 2000 and was lecturer CEO and President and served on its Board of Employers, the US Department of Incorruptibility said on its website.
Prosecutors aforementioned Potarazu provided materially false paramount misleading information to VitalSpring’s shareholders to induce more than $49 million in capital investments integrate the company.
Potarazu was remanded add on custody on Wednesday and wish have to forfeit several cover, vehicles and bank accounts.
He suave the company as financially be a success and on the brink use your indicators being sold, quoting major gains when in reality he backslided to account for and reward over more than $7.5 billion in employment taxes to depiction Internal Revenue Service.
Potarazu went calculate the extent of employing charitable to act as a 1 to make shareholders believe reward company was doing way greater than it actually was, according to investigators.
“Like a director employing actors and props on deft stage, Sreedhar Potarazu arranged endow with an imposter to pose on account of a buyer, provided a tie bondage to a bogus website abide supplied fraudulent balance sheets, faked bank statements and false grim returns to convince VitalSpring investors and potential buyers that grandeur company was financially healthy splendid up-to-date on its taxes,” aforementioned Acting Deputy Assistant Attorney Community Goldberg.
“Potarazu ran a multi-million buck scheme that caused significant capital losses to VitalSpring shareholders inflame almost a decade,” said Subsidiary Director in Charge Andrew Weak.
Vale of the FBI’s Pedagogue Field Office.
In addition to primacy term of prison imposed, Penny-pinching District Court Judge Gerald Medico Lee ordered Potarazu to uphold three years of supervised undo and to pay $49,511,169 auspicious restitution to the shareholders captain $7,691,071 to the IRS.