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For Immediate Release:
For Further Information:
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September 23, 2011

Office of The Attorney General
- Paula T. Dow, Attorney General
Division of Criminal Justice
- Stephen J. Taylor, Director

Media Inquiries-
Peter Aseltine
609-292-4791
Citizen Inquiries-
609-292-4925

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New Jersey Con Artist & Canadian Partner Charged with Stealing Over $500,000 from Clients Who were Promised Venture Capital

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TRENTON – Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor announced that an alleged con artist from Burlington County and his Canadian partner have been indicted on charges they posed as investment bankers and financial advisors to steal more than $500,000 from clients who were promised millions of dollars in venture capital.

According to Director Taylor, the Division of Criminal Justice Financial and Computer Crimes Bureau obtained a state grand jury indictment on Sept. 16 charging Albert A. Paramito Jr., 39, of Marlton, N.J., his company Paramito Global Holding Inc., a Nevada corporation with an address in Voorhees, and Priti Ramjee, a Toronto woman who is Paramito’s partner, with conspiracy, theft by deception and money laundering, all in the second degree. Paramito and Ramjee were also charged with second-degree misconduct by a corporate official.

It is alleged that between October 2006 and September 2008, Paramito and Ramjee demanded advance fees from six clients, ranging from $40,000 to $284,000, fraudulently claiming that they would arrange for millions of dollars in financing for the clients’ projects. The defendants allegedly stole approximately $534,000 in fees, while never arranging any financing.

“Paramito and Ramjee portrayed themselves as high-powered financiers who could raise millions of dollars in venture capital, but we allege that, in reality, they are nothing but slick con artists,” said Attorney General Dow. “If convicted, they could face up to 10 years in prison.”

“Beginning with a complaint from a businessman who had been defrauded, our detective and prosecutor diligently pursued the trail of stolen money and broken promises that these defendants are charged with leaving in their wake,” said Director Taylor. “We are aggressively targeting financial fraud.”

The case was presented to the state grand jury by Deputy Attorney General Betty Rodriguez. The lead investigator is Sgt. Robert Walker. They were supervised by Deputy Attorney General Terrence Hull, Chief of the Division of Criminal Justice Financial and Computer Crimes Bureau.

The clients and their projects were spread across the U.S. and included one Canadian venture. A man who ran a broadband communications company paid the defendants $284,000 in advance fees after Paramito and Ramjee promised to secure $27.8 million in funding for his company. Two of the other clients ran film production companies in Los Angeles. They each paid $50,000 in advance fees in the expectation that Paramito and Ramjee would raise millions of dollars for each company to produce a film. Ramjee told one of the film clients she could raise $30 million.

In similar fashion, the defendants allegedly obtained $50,000 from a man who wanted to raise $20 million for a wind energy project in Canada, $60,000 from a man who wanted to raise millions of dollars to build a causeway across a lake in Utah for a toll road, and $40,000 from a man who wanted to buy a defunct hospital in Kansas to develop as an assisted living facility.

In some instances, Paramito and Ramjee represented that they would become partners in the ventures and executed agreements with the clients regarding profit sharing and other terms. None of the victims received any financing. Several demanded reimbursement of their fees, but Paramito and Ramjee allegedly refused to return the money. The defendants allegedly laundered the stolen funds through personal and corporate bank accounts in New Jersey and Canada.

Paramito also operates several other companies, including Affinity Financial Service LLC of Voorhees, N.J., Paramito Asset Management LLC of Pennsylvania, Paramito Pictures LLC of Delaware, and PGH-Canada Ltd. of Ontario, Canada. Ramjee allegedly represented herself as senior vice president of PGH-Canada and head of Paramito Productions. Victims indicated that she appeared knowledgeable with respect to both financial matters and film production.

Second-degree crimes carry a maximum sentence of 10 years in state prison and a criminal fine of $150,000. The second-degree money laundering charge carries a maximum fine of $500,000, and an anti-money laundering profiteering penalty of up to $250,000.

The indictment is merely an accusation and the defendants are presumed innocent until proven guilty. The indictment was handed up to Superior Court Judge Pedro J. Jimenez Jr. in Mercer County, who assigned the case to Burlington County, where the defendants will be ordered to appear in court at a later date to answer the charges.

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