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To: scion who wrote (18969)	6/23/2008 9:03:01 PM
From: scion	Respond to of 19428

Palm Beach father, son plead innocent to wire fraud in alleged scheme By DAVID ROGERS Daily News Staff Writer Thursday, June 19, 2008 palmbeachdailynews.com A Palm Beach father and son charged by the federal government with wire fraud entered pleas of not guilty and requested a jury trial during an arraignment hearing Wednesday. "Mr. Jadoomanee (Rampadaruth) at this point insists he's innocent," said attorney Allen Kaufman of Plantation. On June 3, Internal Revenue Service agents raided the Royal Poinciana Plaza office of Jadoomanee Dutt Rampadaruth, 65, and Amal Rampadaruth, 43, and three family homes in Palm Beach to seize documents and electronic data. The government alleges that the two, officers of Alps Resources Bankers Group and Amalgamated Resources Holdings, kept money that clients had paid to purchase bank guarantees from foreign banks. Of more than $4.7 million given to their businesses for bank guarantees, less than 3 percent was transferred overseas, according to Assistant U.S. Attorney Carolyn Bell. The defendants claimed purchasers could use the bank guarantees as collateral to secure loans from domestic financial institutions, according to a statement from the U.S. Attorney's office. In July and August 2005, one victim wired $300,000 to purchase a bank guarantee for use as collateral to obtain a loan for a multi-million dollar project. The defendants never delivered the guarantee to the lender and ignored multiple requests for a refund, according to the statement. Each defendant is charged with two counts of wire fraud. Each count carries a maximum penalty of 20 years in prison, a $250,000 fine, supervised release of up to three years and restitution. Assistant Federal Public Defender Robert E. Adler is representing Amal Rampadaruth. Along with the criminal charges, the government wants the defendants to forfeit $300,000 allegedly obtained by fraud. Although the complaint alleged money laundering, tax fraud and mail fraud, the two have not been charged with those crimes "at this time," Bell said later Wednesday. palmbeachdailynews.com

To: scion who wrote (18969)	6/23/2008 9:03:29 PM
From: scion	Read Replies (1) \| Respond to of 19428

Palm Beach Office Raid Stephanie Dukes June 4, 2008 - 5:41PM cbs12.com The office of ALPS Resources Bankers is barely noticeable from outside of its location at Royal Poinciana Plaza. But investigators believe they know what was going on behind close doors. Jadoomanee Dutt Rampadaruth was taken away from Palm Beach in handcuffs Tuesday morning. His son Amal Rampadaruth is reportedly expected to turn himself in soon. Today the U-S Attorney filed formal charges against the pair in federal court. They now face a long list of charges including conspiracy, bank fraud, money laundering and tax fraud. The early morning raid stunned neighboring business owners like Faith Fleming. "We thought somebody was hurt or whatever. We had no idea." said Fleming Investigators say someone was hurt ... Dozens of businesses who put their money in the Rampadaruths' hands. We checked the website and found they offer securities, investments, accounting services. According to court documents the suspects promoted the sale of so-called "bank guarantees.They're described as letters from foreign banks guaranteeing a specified sum of money would be deposited into the holder's account, to be used as collateral for loans. Investigators say when the clients couldn't verify the guarantees were legitimate, they would try to contact ALPS for a refund, but all known requests were denied. The U-S attorney's office says the Rampadaruths never filed federal income tax returns, nor did they appear pay taxes on their income. Investigators believe various business accounts appear to have supported a luxurious Palm Beach lifestyle for the Rampadaruths and their family. Investigators confiscated business records and other evidence from four Palm Beach locations linked the Rampadaruths. "We're very shocked, very shocked ... Especially here on Palm Beach. We're a quiet, well respected area. And this time of year it's very quiet so that's why it really stood out." said Fleming Investigators estimate the Rampadaruths defrauded of their clients of at least four and a half millions dollars. They're citizens of Mauritius ... A country off the east coast of Africa. The elder Rampadaruth is being held at the Palm Beach County Jail. cbs12.com