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Businessman Sentenced: Amarjit Singh Anand, a Sikh...

From Times Staff and Wire reports

Businessman Sentenced: Amarjit Singh Anand, a Sikh businessman who federal prosecutors say orchestrated one of the largest bankruptcy frauds ever prosecuted in Southern California, was sentenced to 2 1/2 years in prison and five years probation in U.S. District Court in Los Angeles. Anand, 40, formerly headed Intermagnetics America, a bankrupt videotape maker in Gardena. He pleaded guilty last June to two counts of making false statements during a bankruptcy hearing, hiding from creditors a sale of equipment. Creditors and bankers said as much as $80 million has disappeared worldwide that was provided to Anand.


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