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Gandhinagar man held in US for ponzi scam worth $4,00,000 | India News

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AHMEDABAD: A 23-year-old man from Gandhinagar has been indicted in a case of ponzi scam worth $4,00,000 in Alabama in the US. The accused, Pathyam Patel, began selling securities without registration and kept collecting money after guaranteeing huge returns which he never invested in securities. Instead, he used them to meet his personal expenses.
According to officers of Alabama Securities Commission (ASC), Pathyam Patel, 23, who is also known as Pat Patel and was staying in Alabama, was arrested on March 6, based on nine counts of securities law violations.
“The indictment alleges that Patel sold in excess of $4,00,000 in investment contracts to at least six investors. Patel represented that he was associated with Infinity Wealth Management, an investment advisory firm, which he claimed was registered with the US Securities and Exchange Commission,” said a statement by ASC.
Patel claimed that he could earn substantial profits for investors by investing their funds and guaranteed no loss of their principal amount. After receiving the investors’ funds, Patel represented to certain investors that they had to pay additional fees to maintain their investments.
“Patel did not invest the funds as communicated to the investors. Instead, he used them for gambling on sporting events, personal expenses and paying other investors. Patel had no ability to guarantee that the investors would not lose their principal (amount),” added the statement.
At that time, Patel was not registered with the ASC to sell securities in Alabama, and the investment contracts he sold were not registered with the ASC. Infinity was not a registered investment advisor or broker-dealer, the statement said.





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