Fla. Options Trader Is Jailed After Pleading To $2.3 Million Scam
Arnand Sekaran, a Miami, Fla. options trader, is going to federal prison for 30 months after pleading guilty to a $2.3 million investment scam. The U.S. Attorney's Office in Manhattan said the sentence was handed down against Sekaran, 44, who had been president and director of Wasson Capital Ltd. Prosecutors said Sekaran misled investors over the value of his options investment fund, and also provided false account balances and performance statements. From 1999 until 2012, he also lost $2 million for his investors and misappropriated $500,000, the government said. Aside from prison time, he was also ordered to pay more than $4.5 million in restitution and forfeitures.