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Injunction and Industry Bar Entered in Hindu Affinity Fraud Case
SEC v. Amit V. Patel
- 2011
Defendant allegedly operated an affinity fraud targeting Indian-American/Hindus in which he raised at least $2.4 million from at least five individuals in 2008 and 2009 through the offer and sale of promissory notes, and by convincing investors to grant him trading authority over money contained in online brokerage accounts. In so doing, defendant allegedly misrepresented his intended use of the money, the risks of his trading, the source of the money used to pay the guaranteed fixed returns, and falsely guaranteed repayment of investors’ principal.
