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Fraud Investigation

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NJ Man Who Spent $5.6M COVID Relief On Stock Market, Luxury Car Sentenced NJ Man Who Spent $5.6M COVID Relief On Stock Market, Luxury Car Sentenced
NJ Man Who Spent $5.6M COVID Relief On Stock Market, Luxury Car Sentenced A Sussex County man was sentenced Tuesday to more than five years in federal prison for spending $5.6 million in federal COVID-19 pandemic business loans for himself, authorities said. Azhar Sarwar Rana, 31, of Newton will have to serve out just about all of the 64-month sentence because there's no parole in the federal prison system. The federal Paycheck Protection Program was designed to keep struggling small businesses afloat during the pandemic. Rana used the money, instead, to invest millions in the stock market, make a payment to a luxury car dealership and send hundreds of thous…

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by Jerry DeMarco
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NJ Drug Company Owner Charged With Embezzling $3.9M NJ Drug Company Owner Charged With Embezzling $3.9M
NJ Drug Company Owner Charged With Embezzling $3.9M Federal agents arrested the former chief executive officer and owner of a Bergen County pharmaceutical firm on Monday and charged him with embezzling millions of dollars from the company, authorities confirmed. John Klein, 75, transferred $3.9 million into an account that he tapped, in part, to pay credit cards charges for him and his wife, as well as for his kid's tuition, Acting U.S. Attorney Rachael A. Honig said. Formerly of Alpine and currently living in Palisades Park, Klein has been sued in federal court by several people with whom he either worked or collected investment money from …

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by Jerry DeMarco