Edgewater man pleads guilty to over $1.3M in bank fraud
An Edgewater man is facing up to 30 years in federal prison after pleading guilty Monday to bank fraud that resulted in over $1.3 million in losses, an official said.
Mrugesh Patel, 38, participated in a scheme that defrauded federally-insured banks, including TD Bank and CenterState Bank, from February 2011 to December 2012, U.S. Attorney spokesman William Daniels said.
Under the names of various Florida-based companies he'd established, Patel opened multiple bank accounts and used them to make bulk deposits of fraudulent bank drafts made payable to the companies he'd created, Daniels said.
"The bank drafts were made using the unauthorized account information of other individuals, businesses and entities," Daniels said in a news release. "Patel also made false representations to bank representatives when he opened the accounts and during the time period that he was making the deposits."
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