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Indian-American Man in Alabama Arrested in $400,000 Ponzi Scheme

Pathyam Patel, also known as Pat Patel, 23, hailing from Gandhinagar, Gujarat


Pathyam Patel, AKA Pat Patel, 23

ALABAMA- A 23-year-old Indian-American investment adviser hailing from Gujarat’s Gandhinagar has been arrested for his alleged involvement in a Ponzi scheme that defrauded investors of over $4,00,000.

According to allegations, Pathyam Patel, also known as Pat Patel used the money for his personal expenses like gambling, and never invested it in securities.

Patel has now been indicted on nine counts of securities law violations. Patel allegedly sold unregistered investment contracts to at least six victims. He promised them high returns through an investment firm named ‘Infinity Wealth Management’ which was fictitious in nature.

Alabama Securities Commission (ASC) stated: “Patel did not invest the funds as communicated to the investors. Instead, he used them for gambling on sporting events, personal expenses and paying other investors.”

Infinity Wealth Management firm was not registered as an investment advisor or broker-dealer.

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