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May 5th, 2007
Weapons developer sentenced to prison for fraud
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.
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