The Bad PlaceTimes of India | Super-rich NRI who called himself 'recession-proof' in 2008 sent to jail: His New Jersey mansion had salt water pool surrounded by imported sand
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Super‑rich Indian‑origin investor Paul Parmar, who once bragged of being “recession‑proof” and flaunted a 39,000‑sq‑ft New Jersey mansion with a salt‑water pool, underground tunnel and luxury amenities, has been sentenced to five years in prison after pleading guilty to a conspiracy to commit securities fraud that defrauded investors of more than $212 million. The scheme, carried out from May 2015 to September 2017 while Parmar served as CEO of a publicly listed healthcare‑services company, involved inflating revenues, falsifying bank records and creating fake customer lists to convince a private investment firm and a consortium of banks to fund a $212.5 million transaction to take the company private. Co‑conspirators Sotirios Zaharis and Ravi Chivukula helped orchestrate the elaborate fraud. Parmar, who immigrated to the U.S. at 19 and founded Pegasus Consulting Group at 25, saw his lavish lifestyle collapse, with his mansion entering foreclosure owing $26.3 million to Deutsche Bank.
#PaulParmar #DeutscheBank #privateinvestment #healthcareservices #SotiriosZaharis #RaviChivukula
Super-rich NRI who called himself 'recession-proof' in 2008 sent to jail: His New Jersey mansion had salt water pool surrounded by imported sand
Parmjit “Paul” Parmar, an Indian-origin investor who once called himself recession-proof as he continued splurging money in 2008, has been sentenced to five years in prison. Parmar pleaded guilty to conspiracy to commit securities fraud that involved inflating revenues, falsifying bank records, and misleading investors in a publicly traded healthcare services company where he served as CEO.
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