United States SEC Charged Individual for Defrauding $31 Million from 70 Investors to Finance Surety & Performance Bonds with 40% to 60% Returns via His Company DAB Inspection & Consulting Services from 2019 to 2024, Used Investor Funds to Buy Luxury Cars, Jewellery, Property, Unprofitable Options Trading & Pay Earlier Investors
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
United States SEC Charged Individual for Defrauding $31 Million from 70 Investors to Finance Surety & Performance Bonds with 40% to 60% Returns via His Company DAB Inspection & Consulting Services from 2019 to 2024, Used Investor Funds to Buy Luxury Cars, Jewellery, Property, Unprofitable Options Trading & Pay Earlier Investors
26th July 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) has charged an individual (Babu Ramaraj) for defrauding $31 million from more than 70 investors to finance surety & performance bonds with 40% to 60% returns via his company DAB Inspection & Consulting Services from 2019 to 2024.The individual (Babu Ramaraj) had used investor funds ($31 million) to buy luxury cars, jewellery, property, engage in unprofitable options trading & pay earlier investors.United States SEC (25/7/24): “The Securities and Exchange Commission today charged Babu Ramaraj, a resident of Aldie, Virginia, with defrauding more than 70 investors of approximately $31 million through his company, DAB Inspection and Consulting Services LLC.The SEC’s complaint alleges that, from February 2019 through May 2024, Ramaraj solicited and lured his victims with the promise of 40-60 percent annual investment returns. According to the complaint, Ramaraj falsely told investors that he would use their funds to finance surety and performance bonds for large-scale, lucrative contracts DAB had been awarded to provide quality assurance services to state and local governments. Ramaraj allegedly created fake contracts and financial documentation to support his misrepresentations. The SEC alleges that, in reality, the contracts never existed, and Ramaraj instead used investor funds to purchase luxury automobiles, jewelry, and property, engage in unprofitable options trading, and pay earlier investors … … The SEC’s complaint, filed in the United States District Court for the Eastern District of Virginia, charges Ramaraj with violating antifraud provisions of the federal securities laws and seeks an injunction, disgorgement, penalties, and an officer-and-director bar.In a parallel action, in June 2024, the U.S. Attorney’s Office for the Eastern District of Virginia announced criminal charges against Ramaraj for wire fraud and unlawful monetary transactions.Those charges are pending.The SEC’s investigation was conducted by Christine R. O’Neil, Matthew B. Homberger, and Michael A. Cuff in the Philadelphia Regional Office. It was supervised by Brian R. Higgins, Brendan P. McGlynn, Mr. Thompson, and Nicholas P. Grippo. The SEC’s litigation will be led by Karen M. Klotz and Judson Mihok and supervised by Gregory R. Bockin. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of Virginia, the FBI, and the Virginia State Corporation Commission.
” United States SEC Charged Individual for Defrauding $31 Million from 70 Investors to Finance Surety & Performance Bonds with 40% to 60% Returns via His Company DAB Inspection & Consulting Services from 2019 to 2024, Used Investor Funds to Buy Luxury Cars, Jewellery, Property, Unprofitable Options Trading & Pay Earlier Investors “
The 2024 Investment Day
4th Sept Hong Kong | 11th / 18th Sept Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 4th Sept 2024 in Hong Kong, 11th Sept 2024 in Singapore. Every March, July & Sept.
Visit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
The 2024 Family Office Summit16th Oct Hong Kong | 23rd Oct Singapore
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
Scott A. Thompson, Associate Director of Enforcement in the SEC’s Philadelphia Regional Office: “As we allege, Ramaraj promised his investors unrealistic returns from government contracts he never had and then used their money to fund his own lifestyle and to make Ponzi-like payments to maintain the deception. We will continue to hold accountable those who exploit investors’ trust for personal gain.”
United States SEC Charged Individual for Defrauding $31 Million from 70 Investors to Finance Surety & Performance Bonds with 40% to 60% Returns via His Company DAB Inspection & Consulting Services from 2019 to 2024, Used Investor Funds to Buy Luxury Cars, Jewellery, Property, Unprofitable Options Trading & Pay Earlier Investors
United States
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
