NRI sentenced to prison in US for running ponzi scheme

Sachin Uppal, 37, has been sentenced by a US district judge in Detroit to over five years in prison for running a $3.8 million ponzi scheme whose victims include several of his family friends. The sentence was pronounced following his August guilty plea to wire fraud charges. Uppal ran a trading company from 2007 through 2013 but was not a licensed investment adviser. He marketed his company to potential investors and solicited funds, describing it as a 'hedge fund'. He told his clients he was a day trader who would use the funds to buy and sell financial instruments within the same trading day, that he said would reduce risk to investors. Uppal promised a return of 18 to 20 percent per year. He traded and lost funds and sometimes he simply pocketed the money without conducting any trades at all. When investors asked to close their accounts and withdraw their funds, he attempted to lull them with various excuses. Uppal was also ordered to pay restitution to his victims in the amount of over $3 million.