Businessman Sentenced: Amarjit Singh Anand, a Sikh...
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.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
