//
you're reading...
Politics, Congress, Investigation, Republicans, FBI, internet, health, Economy, Education, Wikipedia, local news, Press Release, Justice Department, Democrats, meta, Fraud, National News, Environment

PRESS RELEASE: SATYEN CHATTERJEE, Former Faculty Member at UW Business School Sentenced to Prison for Investment Fraud Scheme

Department of Justice
U.S. Attorney’s Office
Western District of Washington
FOR IMMEDIATE RELEASE
Wednesday, March 23, 2016

Former Faculty Member at UW Business School Sentenced to Prison for Investment Fraud Scheme

Used Investor Money for Credit Card Bills, Jewelry, and Home Improvements

A Seattle man who operated an investment advisory business for more than 20 years was sentenced today in U.S. District Court in Seattle to 40 months in prison, three years of supervised release and $547,461 in restitution for wire fraud, announced U.S. Attorney Annette L. Hayes. SATYEN CHATTERJEE, a/k/a Satyen Chattopadhyay, 65, owned and operated Strategic Capital Management, Inc. from 1992 until the Washington State Department of Financial Institutions ordered it to cease operating illegally in October 2013. At the sentencing hearing U.S. District Judge Thomas S. Zilly told him, “You did, over a long period of time, commit fraud…. stealing money from your friends and clients.”

“This defendant, a native of India, took advantage of the trust that members of his own Bengali community placed in him,” said U.S. Attorney Annette L. Hayes. “As is so often the case, his victims were harmed not only financially, but also in their ability to trust those around them.”

CHATTERJEE, who once taught at the University of Washington Business School, pleaded guilty in May 2015, admitting engaging in a scheme to defraud investors between 2007 and 2013. According to records filed in the case and with the Department of Financial Institutions (DFI), the investigation revealed that at least five victims were defrauded of more than $600,000. CHATTERJEE convinced various investors to make investments with him in what he represented were fixed rate securities. But in fact CHATTERJEE transferred the funds to his own bank accounts, used the money for his own expenses, or lost it as a day trader in the stock market.

For one investor CHATTERJEE created a false account statement making the investor believe his investment was secure. In 2011, CHATTERJEE sent a series of lulling emails to some clients falsely indicating that long time investment associates had defaulted on agreements he had with them, and blaming them for losses in the investments.

The case was investigated by the Washington State Department of Financial Institutions (DFI) and the FBI. The case is being prosecuted by Assistant United States Attorney Justin W. Arnold and Special Assistant United States Attorney Robert Kondrat. Mr. Kondrat is an attorney with DFI.

Advertisements

About FREDERICA CADE

Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Blog Stats #

  • 804,429 hits

Frederica Cade’s Archives

Recent Post

November 2016
M T W T F S S
« Oct   Dec »
 123456
78910111213
14151617181920
21222324252627
282930  

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Politics, local News, National News, Foreign news, Congress, President, Government, Economics, Analysis, Art, Health,Investigation, FBI, Justice Department, Fraud, Press Releases, Health Care, News Releases, Law, and History Tags

2012 Elections Affordable Care Act Alabama Albuquerque ALEC Alexandria American Legislative Exchange Council AMERICAN LEGISLATIVE EXCHANGE COUNCIL (ALEC) Analysis Arizona Atlanta Attorney General Eric Holder California charter schools Chicago Congress Connecticut Democrats Deputy Attorney General James M. Cole Donald Trump Economics Economy Education Environ Environme Environmen Environment EPA FBI Federal Election Commission (FEC) Florida fraud FreedomWorks General Georgia Governor Nikki Haley Grover Norquist Hammond Health Health Care Heritage Foundation HHS Secretary Kathleen Sebelius Hillary Clinton History https://fredericacade.wordpress.com https://fredericacade.wordpress.com/wp-admin/edit.php?category_name=politics-congress-investigation-republicans-fbi-internet-health-economy-education-wikipedia-local-news-press-release-justice-departm Idaho Illinois Inc. Indiana Internet Investigation Iowa IRS jobs Jr. Justice Department Kansas Kara Pally Keystone XL Knoxville Koch Koch Brothers Koch Industries Laws local news Louisiana Maryland Massachusetts Matte Kibbe Memphis meta Miami Michigan Minnesota Mississippi Missouri Mitt Romney Montana Nashville National News Nebraska New Jersey New Mexico News New York Nikki Haley North Carolina Ohio Oklahoma Oregon outsourcing Paul Ryan Pennsylvania Philadelphia Politics President President Obama Press Release Public Schools Puerto Rico record Republicans Rhode Island South Carolina South Dakota Sr. Tennessee Texas Top Story TransCanada Vincent Sheheen Virginia Voting Rights Act Voting Rights Act of 1965 WASHINGTON Washington D.C. West Virginia Wikipedia Wisconsin

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)

Follow me on Twitter

Frederica Cade’s Blog (Politics, News, Analysis, Investigation, Press Releases, Education, Economics, Internet, News Releases, Featured stories, Fraud, and History, U.S. Laws, Posted stories, Index of reports, meta,Home page)