FRESNO, CA—Janamjot Singh Sodhi, aka Jimmy Singh, was arrested yesterday on an outstanding warrant issued on Sept. 13, 2011, for an investment fraud scheme, announced U.S. Attorney Benjamin B. Wagner. Sodhi, 35, of Fresno and Clovis, Calif., is scheduled to make his initial appearance in federal court today before U.S. Magistrate Judge Gary S. Austin at 1:30 p.m.
According to the complaint, beginning in April 2010 and continuing until his arrest, Sodhi, former owner of Elite Financial Inc., enticed investors into giving him money for investment opportunities, but used the monies to pay off previous investors and for his own personal use. Since 2005, Sodhi’s license to sell investments had been revoked, and in January 2009, the state of California issued a cease and desist order against him and Elite Financial from selling securities to investors. It is alleged that Sodhi defrauded investors of $2.4 million.
Monday, September 19, 2011
Janamjot Singh Sodhi Arrested for $2.4 Million Investment Fraud Scheme
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