LAWFUEL – Legal Newswire – R. Alexander Acosta, United States Attorney for the Southern District of Florida, Nathan J. Hochman, Assistant Attorney General, United States Department of Justice, Tax Division, Michael E. Yasofsky, Special Agent in Charge, Internal Revenue Service, Miami Field Office, Anthony V. Mangione, Special Agent in Charge, Department of Homeland Security, U.S. Immigration and Customs Enforcement, West Palm Beach Office of Investigations, Henry Gutierrez, Inspector In Charge, U.S. Postal Inspection Service, Don Saxon, Commissioner, State of Florida, Office of Financial Regulation, and Chief Michael S. Reiter, Palm Beach Police Department, announced today the Indictment of defendants Amal Rampadaruth, 42, and his father, Jadomanee “Dutt” Rampadaruth, 66, of Palm Beach, Florida. The indictment charges both defendants with two counts of wire fraud, in violation of 18 U.S.C. § 1343, and related forfeiture.
As set forth in the indictment, Amal Rampadaruth and his father, Jadomanee Rampadaruth, ran a fraudulent scheme through two Florida corporations: Alps Resources Bankers, Inc. (ALPS) and Amalgamated Resources Holdings, Inc. (ARH.) The defendants offered what they claimed were various financial products, including alleged “bank guarantees,” through ALPS and ARH. They claimed the alleged “bank guarantees,” purportedly from foreign financial institutions, could be used by purchasers as collateral to obtain substantial loans from domestic financial institutions, and as assurance to domestic lenders that any financing granted would be repaid if any default on such loans should occur. The defendants advertised their financial services through a website.
In July and August, 2005, one victim of the defendants’ fraud, identified in the indictment as “Victim N.P.,” wired $300,000 to the defendants to purchase one of these “bank guarantees.” The victim was attempting to obtain collateral for a substantial loan from a domestic lender in order to obtain financing for a multi-million dollar project. The defendants never delivered the alleged “bank guarantee” to Victim N.P.’s lender despite the fact that Victim N.P. paid all monies requested. Despite repeated requests for a refund, the defendants have not refunded the money to Victim N.P.
In addition to the criminal charges, the indictment seeks to forfeit $300,000 representing the proceeds the defendants received from their fraud. Each wire fraud count carries a statutory maximum penalty of twenty (20) years imprisonment, a $250,000 fine, supervised release of up to three (3 years) and restitution.
Mr. Acosta commend the investigative efforts of the Internal Revenue Service, U.S. Immigration and Customs Enforcement, U.S. Postal Inspection Service, the State of Florida – Office of Financial Regulation, and the Palm Beach Police Department. The case is being handled by Assistant United States Attorneys Carolyn Bell and Antonia Barnes.
A copy of this press release may be found on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.