“I can’t believe I gave them money.”
“He seemed like such a nice guy.”
“She worked for me as a trusted employee for years.”
“I wish I’d come to you sooner, but I was embarrassed.”
After decades of assisting victims of financial and investment fraud, these words still sadden me. Violations of trust hurt not only your pocketbook but also your faith in humanity. Admittedly, sometimes clients use more colorful language, but who could blame them?
From oil and gas investments to employee fraud, from financial investments to business partner fraud, the scams seem to get more complex and the cover-ups more sophisticated every year.
Being the victim of investment fraud is nothing to be embarrassed about, and it’s nothing to sweep under the rug. For all of you who think you should have known better, this article is for you.
We’re putting 2020 behind us, but some things will leave an indelible mark. Take the indictment of Dinesh Sah of Coppell, Texas. If his federal indictment is true, Dinesh is one of the more blatantly greedy individuals we’ve run across lately. His type of financial fraud is bold, exhibits pure greed, and demonstrates a lack of empathy for his fellow citizens.
The Financial Fraud
While businesses and individuals struggle to stay alive and afloat during the Covid-19 outbreak, Dinesh requested 15 forgivable loans under the federal Paycheck Protection Program (PPP) from April to August. Eleven loans for almost $18 million were funded for only four months. Dinesh worked with eight lenders, requesting money on behalf of eleven companies primarily based in Texas and California.
Dinesh Sah invented his need. “In his applications, Sah allegedly claimed that these businesses had numerous employees and hundreds of thousands of dollars in payroll expenses – when, in fact, Sah created many of the businesses after the CARES Act was enacted, and no business had employees or paid wages consistent with the amounts claimed in the PPP applications.
Sah also submitted fraudulent documentation in support of his applications, including falsified federal tax filings and forged bank statements for the purported businesses.” Justice Department Press Release
Where’s The Money?
With very few real employees, Sah managed to spend quite a bit of his ill-gotten gains, and he even transferred millions of dollars overseas.
While the Criminal Forfeiture Act often gets a bad rap, in Sah’s case, the government has already been able to seize more than $6.5 million in 34 accounts of the $24 million sought in relationship to this financial fraud case.
Like so many investment scams, Some of Sah’s money purchased cars and real estate. Five luxury vehicles were seized, including a 2020 Bentley, 2020 Cadillac XT6, and a 2020 Corvette. Sah also purchased eight residential real estate properties in Texas and California. Sah Indictment
More Than a White Collar Criminal?
Sah was indicted on three counts of wire fraud and three counts of money laundering, along with one count of engaging in monetary transactions in property derived from specified unlawful activity. However, it’s possible there’s more to the story than money. In July Texas charged Sah with felony assault and injury to a child, elderly individual, or disabled person. At the time of this article, these charges remain pending.
The rest of the story on Dinesh Sah is yet to be written. Dinesh snookered over $17 million in four months from eight banks. As supporting documentation for loans from banks, he falsified tax returns, payroll records, and bank statements. Let’s heed the warning that any one of us can fall victim to investment fraud, oil and gas fraud, or even employee theft.
Keep your guard up. Before investing in business securities, digital currency, or oil and gas, do your homework. Fraudulent deals are everywhere. Take time to determine if your salesperson and the securities offering are registered with the state or SEC. Check the history of the people in the deal, as well as any past or pending lawsuits.
Financial Fraud Lawyer | Investment Fraud Attorney
We hope all your financial investments and oil and gas investments are safe and profitable. But if you find yourself searching for an experienced oil and gas litigation lawyer or a financial fraud attorney, we are here to help.