New York: Indicted Indian American businessman tries fleeing to Ecuador. Patel, 34, had been scheduled for sentencing in federal court. But he tried to fly to Ecuador, federal authorities said in a court filing. “On January 6, 2018, Patel travelled from his residence to the Kissimmee Airport for the purpose of fleeing United States…,” prosecutors said in a request for a warrant. FBI agents saw Patel heading toward the airport and stopped him there, according to an affidavit filed in court. Patel now faces an additional charge of flight to avoid prosecution, according to the court docket.
Patel was first nabbed in September 2014, for selling about 26 fake loans to a Milwaukee financial firm, Pennant Management. He was later indicted for falsely saying his loans were guaranteed by the US Department of Agriculture. Patel was also sued in civil court, and most of his assets became part of a civil-court receivership.
Having pleaded guilty more than a year ago, Patel had been free on bond while he supposedly helped the court recover money he stole. Patel’s cooperation was expected to help reduce his time in prison, but the new developments could mean he’s facing much more time. He had numerous sentencing hearings postponed over three years.
Patel was the owner of First Farmers Financial who was buying up hotels in Orlando and other cities. He also invested in restaurants. But Patel’s world collapsed after the FBI filed criminal charges against him. Investigators have recovered about $100 million by selling off Patel's hotels, cars and other property. But the scope and damage of his alleged crimes widened over time, too. Patel is accused of using Pennant's money to buy five hotels, three in Orlando, and personal luxury items. The hotels were auctioned off to raise $80 million. Patel’s legal trouble began in 2014. He was also arrested on April 4 in Panama City for DUI, refusing a sobriety field test, driving on a suspended license and failure to change his address on his license.
