A former tech executive will serve five years in the Santa Clara County jail following his conviction on securities fraud charges. Narsimha Raju Sagiraju pleaded no contest to three counts of securities fraud and three counts of grand theft.
Sagiraju convinced a business partner and a number of his former high school classmates to invest more than $400,000 with him. Instead of investing, Sagiraju gambled the money at casinos in Las Vegas, Monte Carlo and Dubai.
In 2012, Sagiraju presented Genwi, a commercial construction project, as an investment opportunity. He also told the investors that he had access to pre-IPO shares in Pinterest and Facebook. The investors later sued Sagiraju, who said he would repay their investments with interest. In 2014, one investor reported the matter to the District Attorney’s Office.
During that time, Sagiraju began working for a venture capital firm. Following Sagiraju’s arrest, a business partner at the venture capital firm reported the loss of nearly $2 million in funds. The loss coincided with Sagiraju’s employment with the company.
Sagiraju traveled to Las Vegas, and police there arrested him upon arrival. At the time of his arrest, he had more than $150,000 in casino chips and another $120,000 in casino accounts there. Authorities seized the cash and casino chips, and will use the money to make restitution to his victims.
California securities fraud attorney
Financial crimes can generate a significant impact on victims. If you’re facing securities fraud charges, you need the assistance of an experienced securities fraud attorney. Robert Helfend is an experienced criminal defense attorney who takes cases in Ventura County and throughout Southern California.
Either the federal or state government can pursue securities fraud charges against you. It’s important to have an attorney who will fight for your rights, no matter how and where you are charged.
Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
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