According to the Bee, Wannakuwatte, 63, had been under investigation by several federal agencies, including Veterans Affairs, the FBI, the Internal Revenue Service and the Federal Deposit. In sentencing Wannakuwatte, Judge Nunley told the defendant, You embody true evil. In total, authorities estimated that Susi Farms took in more than $100 million from at least 8,000 investors. Ironically, Steven Palladino was also accused of using investor funds to make court-ordered payments stemming from a previous conviction for defrauding an elderly relative. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. Red flags, copy-with-cite, case summaries, annotated statutes and more. Horacio Ortega-Martinez, 36, a citizen of Mexico residing in Bakersfield, was sentenced today to 18 months in prison for possessing roosters for the purpose of using them in an animal A Bakersfield man was sentenced today to an additional month in prison to be followed by 11 months home detention and 36 months of supervised release for knowingly aiming the Federal agent pleaded guilty Wednesday to one count of making a false statement in connection with a sexual relationship she had with a victim witness in a separate federal criminal Sacramento Main Office Upon receiving funds, Wannakuwatte used the money to pay outstanding debts unrelated to the purpose of the loan. Share sensitive information only on official, secure websites. . ), Generally, a court "may not modify a term of imprisonment once it has been imposed." (ECF No. Charles Ponzi would eventually serve nearly two decades in federal and state prison for that and related scams, but little did he know that his surname would one day epitomize one of the most potent weapons of financial destruction ever encountered. Over twelve years (2002 to 2014), Wannakuwatte convinced several investors that their money was financing RelyAid Global Healthcare, a manufacturer of latex medical gloves which Wannakuwatte claimed had $125 million worth of contracts with the U.S. Department of Veterans Affairs. A .gov website belongs to an official government organization in the United States. Prosecutors say Wannakuwatte conned his victims into investing in a West Sacramento medical supply company whose revenue was just a fraction of what he claimed. Do your due diligence when thinking about investing your hard-earned money (see sidebar). in Tampa, Fla. The final chapter in the case came to a close on March 5, 2015, when the judge ordered that Wannakuwatte pay a total of $108,199,452.63 in restitution. Kamir Abou Najm performed research work for the universitys Miller Lab, which studies early signs of autism and ADHD. The Court is mindful that people with certain medical conditions, including hypertension, can be more vulnerable to COVID-19. 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Using a series of talking points provided by Wannakuwatte, the IMG employee told the Bridge Bank representative that there were more than 60 invoices showing a total of more than $25.8 million in payments owed by the VA to IMG. Five of these schemes have raised at least $1 billion from investors, and Bernie Madoffs scheme is recognized as the worst Ponzi scheme in history. Gurudeo Buddy Persaud, 47, was arrested and charged with operating a Ponzi scheme that promised risk-free returns derived from investing in the futures markets and other markets. In addition to prison time, each of the men was ordered to pay restitution to scheme victims. Although Defendant claims to suffer from multiple, serious medical conditions, he fails to submit any medical documentation to confirm that he actually suffers from those conditions. Prosecutors said he persuaded his victims to invest in his West Sacramento medical supply company, International Manufacturing Group, by telling them he had contracts worth $100 million to sell latex gloves to veterans hospitals. "It's imperative that people do background checks on any kind of person they are going to do business with," said David Schassler, a licensed private investigator in New . Theres no way I can make the victims whole, Nunley said. In return, those affiliates were handsomely rewarded with daily returns of 1.5%. After the previous owner of the Capitals went bankrupt in 2011 and the team was in jeopardy, Wannakuwatte stepped in and kept the team alive. As part of his plea agreement, Wannakuwatte will file for bankruptcy protection and forfeit more than $330,000 in bank accounts to the government, along with 16 pieces of property, including his South Land Park house and vacation homes in Hawaii, Oregon and Sonoma County. (ECF No. Because more than 30 days have elapsed since April 23, 2020, Defendant has met the exhaustion requirement. Deepal Wannakuwatte. However, while IMG and RelyAid did have a business relationship with the USVA, authorities alleged that this relationship was grossly overstated. Deepal Wannakuwatte, the former professional tennis team owner who ran one of the biggest Ponzi schemes in Sacramento history, has been ordered to repay his victims $108.2 million. - Be wary of an investment opportunity that offers unusually high yields. His assets will be liquidated to repay victims of a $150 million Ponzi scheme, and even the tennis team is gone, killed off by the league. BOP records do, however, confirm Defendant has been diagnosed with essential (primary) hypertension. Fri, Aug 12 2016 4:30 PM EDT. SACRAMENTO, Calif. Deepal Wannakuwatte, 63, of Sacramento, was charged today in a three-count indictment returned today with bank fraud and making false statements to a financial institution, United States Attorney Benjamin B. Wagner announced. His partner in the Capitals, a Fair Oaks man named Ramey Osborne, wound up loaning Wannakuwatte about $456,000, according to bankruptcy court records. When Hoopers mother died four years ago, Wannakuwatte attended the funeral. The loss has devastated him, according to a letter from his wife, Jayna. c. Petitioners Maneggie and Henley-Curtis are informed and believe and based thereon allege that on or about July 29, 2011, acting on behalf of the partnership and in furtherance of their duties and responsibilities under the MOU, defendant Deepal . Barely three months ago, Deepal Wannakuwatte was the picture of success: owner of a medical-supply company and of the Sacramento Capitals professional tennis team. /// /// /// /// /// /// /// ///. Assistant United States Attorney Michael M. Beckwith is prosecuting the case. Next: Online Auction Revealed to Be $500 Million Ponzi Scheme. A .gov website belongs to an official government organization in the United States. One Florida man went a bit too far in relying on the heavens for riches. The fraud has aged him and I pray daily he will survive.. SACRAMENTO, Calif. Deepal Wannakuwatte, 63, of Sacramento, was charged today in a three-count indictment returned today with bank fraud and making false statements to a financial institution, United States Attorney Benjamin B. Wagner announced. Investors are promised above-average returns that generally carry little risk. For its part, the Government correctly notes that the presentencing report ("PSR") indicates Defendant underwent full knee replacement in 2012 and injured his left wrist in May 2014, but otherwise indicates Defendant is in good health. As the Government points out, the CDC has not listed essential (primary) hypertension as a condition that puts individuals at a higher risk of severe illness. One of the ways investors were solicited to invest with JCS Enterprises was through the placement of videos on YouTube. A locked padlock The exposure was gigantic, Heller said. - Request written financial informationsuch as a prospectus, annual reports, or financial statementsthen compare the written information to what you were told. After his arrest, the World TeamTennis league revoked his franchise and disbanded the team. Deepal Wannakuwatte, owner of the Las Vegas Neon, was arrested February 20 in Sacramento, Calif., on federal fraud charges, and the Neon folded on Wednesday, according to league officials at. This included schemes from nearly every U.S. state only eight states did not record a hit on our database. Wannakuwatte has been indicted on three charges of bank fraud and making false statements to a financial institution, which could land him 30 years in prison and $3 million worth of fines $1. Under his original indictment, Wannakuwatte could have received up to 90 years in prison. Wannakuwatte has been in custody since his arrest on February 21, 2014. However, Persauds trading strategy of relying on lunar cycles to make trades was not only undisclosed to investors, but also generated more than $400,000 in losses. Many of the victims will never be made whole, Wagner said. From 2005 to 2010, the Hibberts oversaw a congregation at the Masonic Church of God in Torontos east end. Website: www.ismiledentalproducts.com Employees (this site): ? He said Wannakuwatte spent the money on personal and business expenses. Sundown lured investors by promising returns on short-term investments of up to 150%. The total value of the properties, vehicles, business interests, and bank accounts is estimated to be at least $3.5 million. As to his conditions of confinement, Defendant has not shown he is unable to manage his health conditions and minimize his risks through self-care. Assistant United States Attorneys Michael M. Beckwith and Kevin C. Khasigian prosecuted the case. The defendant offered up an apology, read aloud by his lawyer, and accepted his prison sentence in silence. Potential investors were told that their investment would be used to purchase the rights to old film footage that then would be used to produce and distribute movies and documentaries. With the millions he collected, Wannakuwatte a former owner of the now defunctSacramento Capitals professional tennis team bought real estate in Hawaii, Oregon and California. The total value of the properties, vehicles, business interests, and bank accounts is estimated to be at least $3.5 million. (ECF No. The Sentencing Commission's relevant policy statement on compassionate release identifies medical conditions that satisfy the "extraordinary and compelling" requirement. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. He used investors money to pay the overstated tax returns. Another submitted a poem that called Wannakuwatte a miserable soul.. Deepal Wannakuwatte - 1 Criminal record(s) found. A lock () or https:// means you've safely connected to the .gov website. (ECF No. Have a question about Government Services? He falsely claimed that these companies did tens of millions of dollars in business with federal agencies every year, most notably the Department of Veterans Affairs. When the so-called lifeblood of a Ponzi scheme dries up and investor obligations cannot be met, the scheme unravels often in destructive fashion, leaving a path of devastation in its wake and irreversibly affecting the lives of those ensnared in its web. Wannakuwatte, who turns 64 next week, has been in jail since February on charges of taking banks and individual investors for more than $100 million. Despite having met the exhaustion requirement, Defendant is eligible for compassionate release only if he can demonstrate there are "extraordinary and compelling reasons" for a sentence reduction and such a reduction is "consistent with applicable policy statements issued by the Sentencing Commission." U.S. Attorney's Office, Eastern District of California, Domestic Violence, Child Exploitation, and Human Trafficking Prevention, Former Owner Of Sacramento Capitals Tennis Team Sentenced To 20 Years In Prison For Fraud Scheme Exceeding $100Million In Losses, Mexican National Residing in Bakersfield Sentenced to 18 Months in Prison for Illegal Cockfighting in Violation of the Animal Welfare Act, Laser Strikes on Kern County Sheriff Helicopter Lead to Prison Sentence, Federal Agent Pleads Guilty to Making False Statements in Connection with a Sexual Relationship with a Victim Witness. Share on Facebook Facebook At Wannakuwattes direction, the IMG employee pretended to be a VA representative. Michael Hooper, a Carmichael man who lost more than $200,000, recalled how Wannakuwatte ingratiated himself with his victims. However, the truth was that neither the meat nor the oil from emus was valuable. A thief, a serial thief. In February 2015, he was ordered to forfeit more than $3 million worth of real estate, vehicles, interests in financial accounts, cash, and business interests. Investors were told that their VCM would be placed in a business where it could generate lucrative profits that allowed the payout of annual returns of 80% to 120%. Wannakuwatte will be sentenced July 24 by U.S. District Judge Troy Nunley. The investigation determined that Wannakuwatte told his investors that two of his companies were involved in the international sale of latex gloves and that it did business with government agencies, in particular the Department of Veterans Affairs (VA).
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