NEWARK, New Jersey — The ex-president of a New Jersey investment company has been sentenced to 15 months in prison for defrauding investors out of more than $250,000.
Federal prosecutors say Shreyans Desai will also have to serve three years of supervised release and pay $121,250 in restitution under the sentence imposed Wednesday. The 27-year-old Edison resident, who was president of Iselin-based Shreysiddh Capital LLC, had pleaded guilty in May to wire fraud charges.
Prosecutors say Desai misled investors about his licensing status and the registration status of the company so he could use their money and trade securities on their behalf.
Desai sought to retain control of the funds by providing them with an inflated value of their investments. He also inflated the amount of commissions he purportedly earned by trading those funds.
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