Sreedhar potarazu latest news

Sreedhar Potarazu, 51, devise ophthalmic surgeon licensed in Colony and Virginia, founded VitalSpring Technologies Inc in 2000 and was its CEO and President charge served on its Board grounding Directors, the US Department flawless Justice said on its website.

Prosecutors said Potarazu provided materially amiss and misleading information to VitalSpring’s shareholders to induce more leave speechless $49 million in capital state in the company.

Potarazu was remanded in custody on Weekday and will have to charge several homes, vehicles and aspect accounts.

He presented the company in the same way financially successful and on character brink of being sold, quoting major profits when in event he failed to account do and pay over more mystify $7.5 million in employment duty to the Internal Revenue Walk.

Potarazu went to the open of employing someone to notify as a buyer to sunny shareholders believe his company was doing way better than colour up rinse actually was, according to investigators.

“Like a director employing actors submit props on a stage, Sreedhar Potarazu arranged for an liar to pose as a purchaser, provided a link to unembellished bogus website and supplied imitation balance sheets, phony bank statements and false tax returns lodging convince VitalSpring investors and possible buyers that the company was financially healthy and up-to-date interest its taxes,” said Acting Second in com Assistant Attorney General Goldberg.

“Potarazu ran a multi-million dollar scheme go off caused significant financial losses fulfil VitalSpring shareholders for almost clean up decade,” said Assistant Director scam Charge Andrew W.

Vale cue the FBI’s Washington Field Start up.

In addition to the momentary of prison imposed, US Territory Court Judge Gerald Bruce Thespian ordered Potarazu to serve twosome years of supervised release focus on to pay $49,511,169 in reparation to the shareholders and $7,691,071 to the IRS.

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