Man With Fake NBA Ties Gets 7 Years For $7.5M Ponzi Scam
Law360 (August 12, 2019, 6:58 PM EDT) — A Canadian man who admitted pretending to be a successful beverage business leader with close ties to NBA stars in order to defraud investors via a $7.5 million Ponzi scheme was sentenced Monday to over seven years in prison.
U.S. District Judge Dale S. Fischer in Los Angeles handed down the term of 87 months in prison to Khemraj Dave Hardat, 50, deeming him “not a misguided businessman; he was a very skillful fraudster,” according to prosecutors.
Prosecutors say Hardat peddled himself as a successful businessman in the performance beverage and water-bottling industries from August 2014 through November 2018. Hardat allegedly…