Press Release: U.S. Attorney’s Office, District of Maryland
U.S. District Judge Deborah K. Chasanow today sentenced Mehul Khatiwala, age 37, of Voorhees, New Jersey, to 63 months in federal prison, followed by four years of supervised release, for conspiracy to commit bank fraud and for three counts of bank fraud, in connection with schemes to fraudulently obtain a total of approximately $15 million in loans from Cecil Bank to purchase hotels and a multifamily residential property, resulting in losses of more than $3.5 million. Judge Chasanow also ordered Khatiwala to pay a $50,000 fine and to forfeit and pay restitution of $3,593,801.
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U.S. District Judge Deborah K. Chasanow today sentenced Mehul Khatiwala, age 37, of Voorhees, New Jersey, to 63 months in federal prison, followed by four years of supervised release, for conspiracy to commit bank fraud and for three counts of bank fraud, in connection with schemes to fraudulently obtain a total of approximately $15 million in loans from Cecil Bank to purchase hotels and a multifamily residential property, resulting in losses of more than $3.5 million. Judge Chasanow also ordered Khatiwala to pay a $50,000 fine and to forfeit and pay restitution of $3,593,801.
The above is only an excerpt of the article.
[ Read the rest of the article here. ]