Sunil Sharma—Ponzi Scheme
Sunil Sharma Allegedly Operated a $6 Million Ponzi Scheme, Raising $8.36 Million from 32 Investors with Risky Day-Trading Strategy
Sunil Sharma, 68, allegedly operated a $6 million Ponzi scheme, according to Court Reports from San Diego, California.
The Court Reports go on to detail how Sharma allegedly, between 2008 and 2014, raised $8.36 million from 32 investors in order to pursue a risky day-trading strategy which implemented the use of options.
The Peiffer Wolf Carr & Kane investor rights lawyers are currently investigating Sunil Sharma for allegedly operating a fraudulent Ponzi scheme.
Sunil Sharma Allegedly Used $2.5 Million of Investor Money for Personal Use, Including House Down Payment, Mediterranean Cruise and Luxury Cars; Facing 20 Years in Prison
Sunil Sharma, a former broker, is facing 20 years in prison after his reportedly risky day-trading strategy failed, and he was allegedly forced to repay old investors with money from new clients, according to federal prosecutors in California.
Officials in California are reporting that Sharma also allegedly took $2.5 million in investor money for his own personal use, including $700,000 for a down payment on a luxury house, about $12,000 for a Mediterranean cruise and also leases on a BMW and Mercedes SL.
The reports from California go on to note how Sharma allegedly ran out of money in January, even thought he kept sending out statements to investors which showed a profit. Sharma is looking at possible fines and restitution, and faces up to 20 years in prison, according to Court reports from California.
Investor Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane investor rights lawyers often represent investors who lose money as a result of alleged Ponzi schemes. They are currently investigating Sunil Sharma for allegedly operating a Ponzi 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 Sunil Sharma for his alleged Ponzi scheme may contact the investment rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.