I heard a thing or two about this guy a few years ago; nothing more substantive than he was not to be trusted. I suppose that rumor was correct after all.
In November, however, federal prosecutors revealed that Taneja's persona was a sham, alleging that he had defrauded lending institutions out of more than $33 million, some of which might have financed his high-flying film endeavors. Dozens of area residents -- many of them fellow members of the Indian community who had looked up to the financier -- were defrauded as well, prosecutors said.
U.S. District Judge Claude M. Hilton today sentenced Taneja to seven years in federal prison for his actions. Taneja had pleaded guilty to one count of conspiracy to commit money laundering in November.
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