| For Stealing $3 Million in
Bar Works Ponzi Scheme Gata Aura Gets 48
Months in SDNY
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
July 27 – Savraj Gata-Aura was
involved in the Bar Works
Ponzi scheme of selling
shared-work spaces to retail
investors, stealing some $3
million in the process.
He pled guity
with a sentencing range of 97
to 121 months, but counted on
defense lawyer Randy Zelin to
get him less.
On
July 27 in a rare in-person
sentencing in the U.S.
District Court for the
Southern District of New York
which Inner City Press
attended, he got 48 months.
Here was some of the blow by
blow:
Gata-Aura's
lawyer Zelin says he's asking
for time served because he
will be removed to UK, alone.
He cites SDNY
Judge Rakoff's decision on
inside trader Millul.
AUSA Vladislav
Vainberg cites the big loss
figure: $40 million.
Judge Rakoff says
the learned Zelin has not
convinced him to grant time
served because of removal to
UK. He says this was pure
greed, and that just
punishment requires 48 months
in prison.
There was
more: in the gallery were six
people, supporters of the
defendant. This was the same
courtroom where Millul had
argued, about deportation. But
insider trading is different
than ripping of retail
investors of their life
savings.
Some commented to
Inner City Press that at least
some time was given; others
than people get more time for
knocking over a liquor store.
This case is US
v. Gata-Aura, 18-cr-759
(Rakoff)
***
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