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Tanmaya Kabra Pleads Guilty in Fraud Scheme

Tanmaya Kabra, 27, pleaded guilty to four counts of wire fraud in connection with a Ponzi-like fraud scheme, according to a recent Department of Justice news release.

Tanmaya Kabra was the owner of several Boston-based investment companies.

According to the news release:

“Kabra conducted business through a company called LLC and several affiliated entities. He held himself out to investors as a successful serial entrepreneur, venture capitalist and angel investor in start-up companies. Offering lucrative and low or no-risk returns on investments, Kabra lured investors with representations that their funds would be used to foster the growth and development of start-up companies, in order to prepare those companies for sale or for other legitimate business opportunities. In reality, Kabra used the money that he received from investors to pay off existing debts to prior investors in his scheme and to fund his lavish personal expenses, including using more than $200,000 of fraudulently obtained funds to purchase a power boat.

As part of his plea agreement, Mr. Kabra admitted to victimizing more than 10 individuals who suffered more than $1.5 million in losses as a result of the scheme. “

Fishman Haygood’s Investment Fraud Division monitors activity by the SEC, FINRA, state securities commissions, and other regulatory agencies activity to keep abreast of how these entities are looking out for investors.

If you believe you have suffered losses due to the advice and/or actions of your broker or investment advisor, please contact us to discuss your possible claim.

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