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SAN FRANCISCO—Last week, Krittibas Raywas sentenced to 65 months in prison for running a multi-million-dollarfraudulent investment scheme, United States Attorney Melinda Haag announced.
Ray admitted to enticing victims toinvest in a promissory note program and in hedge funds he operated by falselytelling them that by placing funds into banks in India he could guaranteereturns of 7 percent to 8.5 percent and that the various hedge funds he wasoperating were profitable. In addition, Ray admitted that he failed to discloseto investors that he was using their money for personal expenses and to payother investors and that the gains he reported to investors were false. Rayreceived approximately $3.3 million from investors between February 2008 andDecember 2011. He used a substantial portion of those funds to pay back earlierinvestors in his fraudulent scheme.
Ray, 46, of Albany, California, wasarrested on December 16, 2011, after he was charged by criminal complaint. OnDecember 29, 2011, a federal grand jury indicted him on two counts of wirefraud, in violation of Title 18, United States Code, Section 1343, and onecount of money laundering, in violation of Title 18, United States Code,Section 1957. On March 30, 2012, Ray pled guilty to both wire fraud counts.
The sentence was handed down by UnitedStates District Court Judge Susan Illston. Judge Illston also sentenced Ray toa three-year period of supervised release after he is released from custody andordered him to pay $2,709,540 in restitution to the victims of his scheme.
Ray has been in custody since his arreston December 16, 2011.
Hallie Mitchell is the Assistant U.S.Attorney who prosecuted the case with the assistance of Elizabeth Garcia. Theprosecution is the result of an eight-month investigation by the Federal Bureauof Investigation.
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