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Pastor indicted in $3 million jewelry fraud scheme
By Michelle Graff, National Jeweler
August 19, 2009
New York--A pastor who hosted a religious cable television show has been indicted on charges that he defrauded would-be investors out of several million dollars via a phony jewelry business, the U.S. Attorney's Office announced on Wednesday.
Samuel Solanky, also known as "Samee Solanky," faces one count of wire fraud for allegedly engaging in a scheme that defrauded individuals of $3 million.
According to the seven-page federal indictment, the 62-year-old Solanky was a pastor who hosted the religious cable television show Vandana, which broadcast in the metropolitan New York City area and elsewhere. He also maintained the Vandana.org Web site and was employed by at least one church to assist in the broadcasting of religious services on cable television.
The Vandana Web site, which was still up as of Wednesday morning, describes the show as an "Asian Indian Christian TV Show" that broadcasts not only in New York City, but in Texas, Pakistan, India and the entire Asian continent.
Between June 2005 and July 2009, Solanky used the connections he made through his religious work to find investors for his non-existent jewelry business using fictitious names including "Gems of the Bible," "South Asian Gospel Broadcasting," "Blessings and Love Productions" and "India at our Doorsteps," according to the indictment.
"Solanky solicited potential investors in part through the religious organizations he did work for and was involved with," the indictment states. "Solanky told numerous victims, in both conversations and written communications, that he would use their investments to purchase gemstones in India that would be sold to jewelers in the United States. Solanky promised victims they would receive 100 percent returns on their investment within a matter of months and provided many of the victims, often via mail, with written investment agreements that reflected the promised rate of return."
While some victims deposited money directly into a bank account controlled by Solanky, often, the indictment states, victims wired the money into bank accounts controlled by Solanky, including one $70,000 wire transfer made in January 2006 from a bank in New Jersey, and another $20,000 wire transfer from a Connecticut bank in June 2007.
While victims were dropping tens of thousands of dollars into what they thought was a legitimate jewelry business, "in fact, and as he well knew...the defendant did not operate a jewelry business, and the money obtained from victims was not used to purchase gemstones. Rather, and as Solanky well knew, the money was diverted to Solanky for his own use," the indictment states.
The indictment says Solanky falsified bank documents to convince victims that he would be able to provide them with returns on their investments.
According to the U.S. Attorney's Office, if convicted, Solanky faces a maximum of 20 years in prison and a maximum fine of $250,000, or twice the gross gain resulting from the offense, plus the forfeiture of the proceeds of his crimes.
His arraignment in federal court in White Plains, N.Y., is slated for Aug. 26.
Victims of Solanky's are being urged to contact Wendy Olsen-Clancy, victim-witness coordinator at the U.S. Attorney's Office for the Southern District of New York, by phone at (866) 874-8900 or by e-mail at [email protected].
By Michelle Graff, National Jeweler
August 19, 2009
New York--A pastor who hosted a religious cable television show has been indicted on charges that he defrauded would-be investors out of several million dollars via a phony jewelry business, the U.S. Attorney's Office announced on Wednesday.
Samuel Solanky, also known as "Samee Solanky," faces one count of wire fraud for allegedly engaging in a scheme that defrauded individuals of $3 million.
According to the seven-page federal indictment, the 62-year-old Solanky was a pastor who hosted the religious cable television show Vandana, which broadcast in the metropolitan New York City area and elsewhere. He also maintained the Vandana.org Web site and was employed by at least one church to assist in the broadcasting of religious services on cable television.
The Vandana Web site, which was still up as of Wednesday morning, describes the show as an "Asian Indian Christian TV Show" that broadcasts not only in New York City, but in Texas, Pakistan, India and the entire Asian continent.
Between June 2005 and July 2009, Solanky used the connections he made through his religious work to find investors for his non-existent jewelry business using fictitious names including "Gems of the Bible," "South Asian Gospel Broadcasting," "Blessings and Love Productions" and "India at our Doorsteps," according to the indictment.
"Solanky solicited potential investors in part through the religious organizations he did work for and was involved with," the indictment states. "Solanky told numerous victims, in both conversations and written communications, that he would use their investments to purchase gemstones in India that would be sold to jewelers in the United States. Solanky promised victims they would receive 100 percent returns on their investment within a matter of months and provided many of the victims, often via mail, with written investment agreements that reflected the promised rate of return."
While some victims deposited money directly into a bank account controlled by Solanky, often, the indictment states, victims wired the money into bank accounts controlled by Solanky, including one $70,000 wire transfer made in January 2006 from a bank in New Jersey, and another $20,000 wire transfer from a Connecticut bank in June 2007.
While victims were dropping tens of thousands of dollars into what they thought was a legitimate jewelry business, "in fact, and as he well knew...the defendant did not operate a jewelry business, and the money obtained from victims was not used to purchase gemstones. Rather, and as Solanky well knew, the money was diverted to Solanky for his own use," the indictment states.
The indictment says Solanky falsified bank documents to convince victims that he would be able to provide them with returns on their investments.
According to the U.S. Attorney's Office, if convicted, Solanky faces a maximum of 20 years in prison and a maximum fine of $250,000, or twice the gross gain resulting from the offense, plus the forfeiture of the proceeds of his crimes.
His arraignment in federal court in White Plains, N.Y., is slated for Aug. 26.
Victims of Solanky's are being urged to contact Wendy Olsen-Clancy, victim-witness coordinator at the U.S. Attorney's Office for the Southern District of New York, by phone at (866) 874-8900 or by e-mail at [email protected].
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