Indian-American jailed for six years for Ponzi scheme

July 07, 2015 09:43

A 34-year-old Indian-American investment manager has been sentenced to six years in prison for defrauding investors of millions of dollars through a Ponzi scheme to fund his "extravagant lifestyle", and has been ordered to pay over $9 million in penalty.

Neal Goyal fraudulently obtained millions of dollars from investors in a sophisticated Ponzi scheme to fund his extravagant lifestyle was sentenced to six years in federal prison.

He was the sole managing member and founder of an asset management firm and was also ordered to pay more than USD 9.2 million in restitution, by US District Judge Matthew Kennelly.

Goyal had pleaded guilty in February to one count of wire fraud and has been ordered to surrender to begin serving his sentence on September 17 this year.

Goyal was running a Ponzi scheme and he stole much of his investors' money to prop up his extravagant lifestyle," Assistant US Attorney Kenneth Yeadon argued in a government sentencing memorandum.

« Back to LIVE

TOP STORIES

Important to bowl on good length at death: Kuldeep

Delhi Capitals left-arm wrist spinner Kuldeep Yadav, who returned match-winning figures of 2/25 against Rajasthan Royals, said his bowling approach to Donovan Ferreira was the key to his side's 20-run win in the IPL in New Delhi on Tuesday.

Meet Suhagan Chudail

Ananya drops a picture... Huma gets clicked by Akshay... Divyanka votes...

Maqbool Sherwani: The Forgotten Hero Who Won Kashmir For India

Shaheed Maqbool Sherwani changed the course of Indian history forever, but himself lies forgotten in the town he saved.

AstraZeneca withdraws COVID-19 vaccine globally: Report

The vaccine maker has said the worldwide withdrawal was initiated because of commercial reasons due to a "surplus of available updated vaccines" for COVID-19.

Was This A Clean Catch?

Lots of catches were plucked in New Delhi on Tuesday. Vote your favourite catch!