An official website of the United States government. In fact, there were no such invoices, and no such debt was owed by the VA to IMG. We thank the IRS Criminal Investigation and FDIC Office of Inspector General for their partnership throughout this investigation. 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. On June 18, 2020, Defendant filed the instant pro se motion for release pursuant to 18 U.S.C. Heller denied that. (ECF No. Owner of Sacramento firms accused of fraud - kcra.com SACRAMENTO, CAOn Thursday, a federal judge ordered Deepal Wannakuwatte, 64, of Sacramento, to pay $108,199,425 in restitution to victims of his long-running fraud scheme, United States Attorney. Share on Facebook Facebook . 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. Another submitted a poem that called Wannakuwatte a miserable soul.. Assistant United States Attorney Michael M. Beckwith is prosecuting the case. He's now serving a 20-year sentence for fraud. 3582(c); see Dillon v. United States, 560 U.S. 817, 824-25 (2010). RelyAid did have one contract with the Department but it was worth only $25,000. In 2013, Wannakuwatte claimed to have more than $125 million in VA contracts alone. In truth, the government contracts were worth only $25,000. The case began in September 2013, when our Sacramento office was contacted by a representative of one of Wannakuwattes business associates who thought he might be the victim of a Ponzi scheme. Unfortunately, the victims will likely remain short-changed. A locked padlock And he did a have contract with the VA, but it was only for up to $25,000 a year. The fraud has aged him and I pray daily he will survive.. The warden denied Defendant's request on May 13, 2020. 3582(c)(1)(A). 24, 2020). He is currently serving prison time for his offense, and these offenses might be recorded before and during prison time. 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. Coincidentally, a related company funded with investor funds was, until recently, the beneficiary of an investment by Barbara Corcoran a star of CNBCs hit show Shark Tank. DEEPAL WANNAKUWATTE, Defendant. Deepal Wannakuwatte, 63, was arrested in February 2014 and indicted on federal fraud charges, including mail fraud and wire fraud, which each carry maximum 20-year prison terms. Rather than having annual sales of $100 million, it appeared that annual sales were closer to $25,000. The sentence imposed today is tantamount to a life sentence, although no amount of prison time will undo the harm he caused to so many victims. Investors are promised above-average returns that generally carry little risk. On November 13, 2014, this Court sentenced Defendant to a 240-month term of imprisonment followed by a 36-month term of supervised release. He said Wannakuwatte spent the money on personal and business expenses. From behind cars, Deepal Wannakuwatte tries to convince his own mother his sentencing isn't nearly as bad as it sounds. On November 13, 2014, United States District Judge Troy L. Nunley sentenced Wannakuwatte to 20 years in prison and ordered him to forfeit multiple properties, vehicles, business interests, and bank accounts totaling at least $3.5 million to be used to provide restitution to victims. He purchased the Capitols with his ill-gotten gains and moved them to Las Vegas in February 2014. To the contrary, it appears USP Lompoc was capable of adequately monitoring and caring for Defendant when he was previously diagnosed with COVID-19. 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. Prosecutors said at least 100 individuals and corporations were victimized by Wannakuwatte. US 9th Circuit Opinions and Cases | FindLaw

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