Still, way too less.
By The American Bazaar Staff
WASHINGTON, DC: The Florida-based Indian American businessman Nikesh Patel, who was arrested on federal allegations of fraudulently selling $150 million in loans to Milwaukee-based finance company Pennant Management, and faces an additional civil lawsuit of over $72 million, is opening wide his bag of riches to rid himself of debt, and possibly avoid long-term prison time.
Patel has agreed to sell five hotels, two multimillion-dollar homes, several luxury brand watches, a Rolls Royce, a Lamborghini, and gold coins, reported the Orlando Sentinel. The proceeds of the sale will go to Pennant. It’s not going to fetch anywhere close to what he owes, though, say representatives of Pennant.
But Patel, who is out on $100,000 bail, hasn’t admitted guilt, according to his attorney Mark NeJame.
Three of the hotels are in Orlando: the recently opened Doubletree by Hilton near UCF; the Crowne Plaza under renovation on Apopka-Vineland Road near Disney; and the proposed downtown Renaissance by Marriott.
The quick agreement to begin paying the money mirrors the quick rise that Patel had in the Orlando business community, said the Sentinel. Before the age of 30, he had opened a restaurant downtown and launched his financing company, First Farmers Financial. Only a year ago, his hotel company Alena Hospitality went on a buying spree.
In addition to the sale of assets, First Farmers will immediately pay $6.1 million to Pennant. For now, renovation work on the Orlando hotels will continue.
Patel’s homes are at 9850 Laurel Valley Drive in Windermere, and on Point Cypress Drive in Orlando. The watches include a Rolex, two Henry Milles and two Hublots.
Earlier, Patel resigned from the board of directors for the University of Central Florida Foundation.
Patel was arrested September 30, after the FBI alleged in an affidavit that he fraudulently sold more than $150 million in loans to Milwaukee-based Pennant Management. According to the FBI, Patel said the loans were guaranteed by the U.S. Department of Agriculture, when they were not.
1 Comment
In any case, this man is lucky that he can sell his luxury goods and avoid prison. Nothing can be more valuable than freedom. I wonder how come that rich people can stop and start doing some illegal things to make more money. I’m sure he could be rich enough even without doing fraud. Hopefully, this gonna be a lesson for him and in the future he will be happy with the money he has. Some people don’t have the money and look at this relevant option to get some help while others have millions and still want more. Probably now this man is ready to give everything he has to have his freedom and any material values don’t really make sense for him.