Indian-origin former CEO sentenced to 5 years in prison over $212 million fraud in New Jersey, asked to pay $125 million

Parmjit Parmar, a 55-year-old Indian-origin man from New Jersey, has been sentenced to five years in jail, followed by three years' supervised release and a payment of $125 million over his involvement in a large-scale conspiracy to defraud investors, in connection with the purchase or sale of the company's securities. Parmar, also known as Paul Parmer, had pleaded guilty in 2025.

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