Indian-American sentenced to Six years of imprisonment over Ponzi scam

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New York: An Indian-American has been sentenced to six years of imprisonment for defrauding investors of millions of dollars through a Ponzi scheme. Apart from the imprisonment he has also been directed to pay over 9 million USD as penalty by a US court.

The accused Neal Goyal (34) had obtained millions of dollars fraudulently from the investors to fund his ‘extravagent lifestyle’. He was the sole managing member and founder of an asset management firm.

Goyal had pleaded guilty in February and has been ordered to surrender to begin serving his sentence on September 17 this year.

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