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Home > News > Weapons developer sentenced to prison for fraud

May 5th, 2007

Weapons developer sentenced to prison for fraud

Abstract:
A well-known scientist in the field of nanomaterials is going to prison for 52 months for lying to receive more than $10 million in fraudulent loans.

Srikanth Raghunathan, 43, and his wife, Padmashri Sampathkumar, 40, of Irwin, both pleaded guilty in September to making false statements in regard to a bank application.

According to Assistant U.S. Attorney Brendan Conway, the couple used false documents, including doctored invoices, and fake bank statements, to obtain loans and lines of credit from a number of banks.

In all, the fraud cost dozens of banks and businesses more than $10 million.

Source:
post-gazette.com

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