Deepal Wannakuwatte Pleads Guilty to Wire Fraud in Connection with Orchestrating Multi-Million Dollar Ponzi Scheme
Deepal Wannakuwatte pled guilty to wire fraud in connection with a long-running and a large-scale fraud scheme.
Wannakuwatte encouraged more than 100 investors, including individuals, corporate entities, and financial institutions, to invest in a number of business opportunities by misrepresenting the financial worth of himself and his companies. Wannakuwatte’s two companies, IMG and Relyaid, manufactured latex gloves.
Wannakuwatte represented to investors that he had more than $125 million in contract with the Department of Veterans Affairs. However, Wannakuwatte only had a contract with the Department of Veterans Affairs that was worth up to only $25,000 a year.
Wannakuwatte obtained over $150 million from investors and used much of the money he obtained to pay himself and his family, make lulling payments to participants in his fraudulent investment schemes, and to pay outstanding debts unrelated to his false representations.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.