Investors Scammed, Tried To Bring ‘World Of Beer’ To Hoboken: OAG

HOBOKEN, NJ — A New Jersey man is facing accusations of theft after he allegedly tried to steal $750,000 from investors who wanted to bring a World of Beer franchise to Hoboken.

Nirav Patel, 39, of Hoboken, was indicted Wednesday by a state grand jury on a second-degree charge of theft by deception.

According to the New Jersey Office of the Attorney General, Patel is a real estate and business investor whose primary focus has been restaurants and bars in New Jersey and New York.

Prosecutors stated:

“In 2014, Patel solicited investors for a World of Beer franchise in Hoboken. He allegedly accepted $750,000 from an investment group as a share in the ownership of World of Beer Hoboken, but failed to use those funds for the project. Instead, Patel allegedly deposited the investor funds in his own business account and used the money for personal and business expenses unrelated to World of Beer Hoboken.”

The indictment was handed up Wednesday afternoon to Superior Court Judge Mary Jacobson in Mercer County, who assigned the case to Hudson County, where Patel will be ordered to appear in court at a later date for arraignment.

Second-degree charges carry a sentence of five to 10 years in state prison and a fine of up to $150,000, prosecutors said.

“We urge individuals who believe they have been defrauded to contact the Division of Criminal Justice (DCJ) toll free at 866-TIPS-4CJ,” DCJ Director Veronica Allende said. “We will aggressively investigate financial crimes and prosecute those responsible to the full extent of the law.”

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