TRENTON
- Attorney General Anne Milgram announced
that a Jersey City man pleaded guilty today
to charges related to his theft of approximately
$1 million from victims he fraudulently convinced
to invest in a garment and textile business
that was not in operation.
According
to Criminal Justice Director Deborah L. Gramiccioni,
Radjinder Sewnath, 49, of Jersey City, pleaded
guilty to an accusation charging him with
theft by deception and money laundering, both
in the second degree, before Superior Court
Judge Michael L. Ravin in Hudson County. Under
the plea agreement, the state will recommend
that Sewnath be sentenced to seven years in
state prison. He also must pay full restitution
to his victims under a consent order filed
today. Judge Ravin scheduled Sewnath to be
sentenced on August 7th.
“This
defendant stole $1 million from investors
by claiming his dormant company was really
a thriving business,” said Attorney
General Milgram. “It was all a scam
to steal their money. We are working to protect
New Jersey investors through prosecutions
such as this one.”
Sewnath
admitted that between November 2005 and December
2008, he deceived at least five victims into
investing in his company, Uni-Global Trading,
Inc., in Jersey City. The victims included
the owners of two Jersey City check cashing
businesses. An investigation by the Division
of Criminal Justice revealed Sewnath stole
approximately $1 million from the investors.
Sewnath
claimed that Uni-Global Trading was an active
business that bought and resold garments and
distressed textiles. In reality, the business
was not operating at the time. At the plea
hearing, Sewnath admitted that, instead of
investing the victims’ money in the
business for their benefit, he deposited it
into his bank account and used it for his
personal expenses.
Detective
Martin Farrell and Deputy Attorney General
Francine Ehrenberg were assigned to the investigation
for the Division of Criminal Justice Major
Crimes Bureau. Deputy Attorney General Ehrenberg
represented the state at the plea hearing.
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