Three Are being charged federally for the demise of the Livermore truck insurance company.
Turbo-Charged Prelude: Three Charged Of $250,000 Now
GLADTON – Prosecutors said on Tuesday that a federal grand jury had indicted three individuals on fraud and other counts related to the demise of a truck insurance company that had its headquarters in Livermore.
Jasbir S. Thandi, 67, of El Sobrante, 47-year-old Sandeep Sahota of Concord, and 40-year-old Jaspreet Padda of Elk Grove have been charged with crimes that caused Global Hawk Risk Retention Group to become insolvent, according to the office of U.S.
Attorney Ismail Ramsey for Northern California. Before it failed in May 2020, the company, according to the prosecution, insured truck drivers and small trucking businesses against liability.
Each of the three suspects has been accused of two counts of insurance fraud (making false statements to regulators) and conspiracy to commit insurance fraud.
Charged drink
In addition to the two counts of bank fraud, Thandi is charged with two more counts of insurance fraud (misappropriation).
Thandi, the former president and treasurer of Global Hawk, is accused by the prosecution of embezzling more than $19 million from the business between 2017 and 2019.
Over $1 million was transferred to a British Virgin Islands-based organization, and over $7 million was transferred to external organizations under Thandi’s control.
The indictment also claims that regulators received false statements from Thandi, Sahota, and Padda that exaggerated Global Hawk’s assets by tens of millions of dollars.
Padda worked as an outside investment advisor for the company, and Sahota was the vice president .prosecutors stated
Additionally, it is claimed that Thandi used false representations to secure bank loans totaling $6.4 million and $14.75 million.
Thums Up Charged
Sahota appeared before a judge for the first time after being taken into custody on Monday. Padda was also taken into custody in the meantime.
The maximum penalty for the conspiracy counts, according to the prosecution, is five years in prison and a fine of $250,000.
A maximum fine of $250,000 and a maximum prison sentence of 10–15 years are imposed for insurance fraud offenses. The maximum penalty for bank fraud offenses is $1 million in fines and 30 years in prison.
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