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Sanjiv Kakkar, 55, of Saratoga, Calif., faced a 30-year imprisonment after he was convicted by a grand jury last week of wire fraud and making misstatements to a bank.
U.S. Attorney Brian J. Stretch announced Nov. 9 that the conviction followed a 12-day trial of Kakkar who presented false information to a bank in connection with refinancing a hotel property he owned in Boulder Creek, Calif.
In November of 2008, Kakkar sought to secure a $6 million loan to refinance the Brookdale Inn and Spa. In connection with the loan, he submitted to a bank falsified income information and tax returns that overstated his business income.
Evidence at trial demonstrated that between January and June 2009, Kakkar fraudulently induced an escrow company to send hundreds of thousands of dollars to him in connection with construction costs. About $1.5 million of the loan Kakkar secured with the bank was earmarked for construction on the property.
The bank retained an escrow company to disburse portions of the loan when reimbursement for construction costs was appropriate. Kakkar submitted false and fraudulent documents to induce the escrow company to wire six progress payments totaling $509,875.
Kakkar is scheduled to appear before Judge Davila on Feb. 13 for sentencing.
The post Saratoga Man Convicted Of Wire Fraud Faces 30 Years In Prison appeared first on News India Times.
