Ex CFO of Allied Deals Sentenced for White Collar Crimes
Posted on Mar 17, 2009 10:43am PDT
Today, in New York, the ex Chief Financial Officer of Allied Deals Inc. was sentenced for
white collar crimes he committed while working at the company. The court sentenced Anil Anand for time served for his involvement in a Ponzi scheme that cost 20 separate banks over $600 million. Banks that were targeted include JPMorgan Chase & Co, Fleet National Bank and China Trust Bank.
Prior to Mr. Anand's sentencing, the former CFO had served 7 month in prison. Aside from time served, Mr. Anand will have to pay $683 million in restitution to his victims. The sentence was ordered by US District Judge, Richard Berman. Judge Berman delivered his orders in Manhattan federal court and the sentence was announced to the public by US Attorney, Michael Garcia, in New York.
Aside from Anil Anand's involvement, five other metal traders for Allied Deals were found guilty for their involvement in the white collar crimes. The other individuals were found guilty of conspiracy related to
bank fraud,
mail fraud and
wire fraud and
money laundering during a trial that took place in 2004. In 2002, Anand pled guilty and agreed to cooperate with fraud investigations conducted by the government. Investigations later revealed that the fraud involved enticing banks to issue hundreds of millions of dollars in loans.
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