Former President Of Middlesex Investment Company Sentenced For Defrauding Investors Out Of $250,000

The 27-year-old former president of a Middlesex County investment company has been sentenced to 15 months in prison for defrauding investors out of more than $250,000.

Shreyans Desai, of Edison, was president of Shreysiddh Capital LLC, located in Iselin. He pled guilty before before U.S. District Judge William J. Martini to two counts of wire fraud.

The third count against Desai, securities fraud, was dismissed.

According to documents filed in this case and statements made in court:

• Desai misled a number of investors about his licensing status and the registration status of the company to induce them to entrust their money to him so that he could trade securities on their behalf.

• Desai then sought to retain control of the funds by providing investors with an inflated value of their investments and also inflated the amount of commissions he purportedly earned through trading those funds.

• In addition to the prison term, Judge Martini sentenced Desai to three years of supervised release and ordered to pay restitution of $121,250.