Man Sentenced for Loan Scheme

Allison Tussey —  October 12, 2010 — Leave a comment

Mahadev Desai, 54, was sentenced in connection with his role in a fraud scheme involving false statements to obtain loan financing. United States District Judge Richard A. Schell sentenced Desai to a term of 51 months in federal prison and ordered him to pay $362,336.50 in restitution to his victims.

According to court documents, Desai obtained financing in the Eastern District of Texas in order to renovate a Day’s Inn located in Girard, Ohio. However, Desai created and provided false documentation evidencing renovations that never occurred in order to obtain the proceeds of the loan and convert it to personal use.

Special Agents from the Federal Bureau of Investigation investigated this case. Assistant U.S. Attorney Shamoil T. Shipchandler prosecuted the case.

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Allison Tussey

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