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A Jersey City man pleaded guilty Monday to charges related to his theft of approximately $1 million from victims he fraudulently convinced to invest in a garment and textile business that was not in operation.
Criminal Justice Director Deborah L. Gramiccioni said Radjinder Sewnath, 49, of Jersey City, pleaded guilty to theft by deception and money laundering before Superior Court Judge Michael L. Ravin in Jersey City.
Under a plea agreement, the state will recommend that Sewnath be sentenced to seven years in state prison. He also must pay full restitution to his victims.
Ravin scheduled Sewnath to be sentenced on August 7.
Sewnath admitted that between November 2005 and last December, he deceived at least five people into investing in his company, Uni-Global Trading, Inc. in Jersey City. The investors included the owners of two Jersey City check cashing businesses. An investigation by the Division of Criminal Justice revealed Sewnath stole approximately $1 million from the investors.
Sewnath claimed that Uni-Global Trading was an active business that bought and resold garments and distressed textiles. In reality, the business was not operating at the time. At the plea hearing, Sewnath admitted that, instead of investing the money in the business for the benefit of investors, he deposited it into his bank account and used it for his personal expenses.
Det. Martin Farrell and Deputy Attorney General Francine Ehrenberg handled the investigation and prosecution.
– TOM HESTER SR., NEWJERSEYNEWSROOM.COM
