Sreedhar Potarazu/VitalSpring Technologies – Investment Fraud Scheme
Sreedhar Potarazu, a Maryland Eye Doctor Appointed to Serve on 2016 DNC, Allegedly Operated a $30 Million Health-Tech Investment Fraud Involving VitalSpring Technologies
Sreedhar Potarazu, 51, and an ophthalmogist from Potomac, Maryland and who was also a purported appointee to the 2016 Democratic National Committee, allegedly operated a $30 Million health-tech investment fraud, according to Documents from U.S. District Court in Alexandria, Virginia currently under review by attorneys Joe Peiffer and James Booker.
Potarazu, a known cable news contributor and political donor, allegedly defrauded over 150 shareholders in a company he owned, known as VitalSpring Technologies, said Documents note.
VitalSpring Technologies, based in McLean, Virginia, allegedly allows Potarazu to conceal his tax liabilities and to provide falsehoods about the company’s financial health, according to Virginia Court Documents.
Prosecuting attorneys on the case allege that the fraud added up to $30 million, a number disputed by Potarazu’s legal representation, said Virginia Court Documents note.
The Peiffer Wolf securities lawyers are investigating Sreedhar Potarazu’s alleged investment fraud scheme.
Sreedhar Potarazu Allegedly Failed to Pay Inform Investors that he Did Not Pay More than $7 Million in Payroll Taxes
Sreedhar Potarazu, whose name has recently been floated in the DNC WikiLeaks, allegedly failed to inform investors that he did not pay more than $7 million in payroll taxes from 2007 through 2016, according to Documents from U.S. District Court in Alexandria, Virginia presently being examined by attorneys Joe Peiffer and James Booker.
Court records show that one shareholder allegedly invested approximately $16 million.
Prosecuting attorneys also pointed out that Potarazu also allegedly put company funds toward personal expenditures including personal car service and publication of his book, “Get Off the Dime”, said Court Documents report.
Potarazu also allegedly admitted he deceived investors and shareholders about a supposedly imminent sale of the company that would turn a nice profit, and at one time he even allegedly had another person pretend to be the prospective buyer on a conference call, according to Court Documents.
Potarazu also has allegedly looked at civil lawsuits related to his company for years, with multiple tax liens and civil judgments filed against him, Court Documents report.
Finally, even though he had deep connections to the Democratic Party, Potarazu also made numerous donations to Republicans, according to campaign-finance records compiled by the Center for Responsive Politics.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged investment schemes and are currently investigating Sreedhar Potarazu’s alleged investment scheme. 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 Sreedhar Potarazu’s alleged investment scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at email@example.com or firstname.lastname@example.org.