A former technology executive will reportedly be sentenced Monday in San Jose, CA for defrauding his business partner and high school friends out of millions of dollars.
Narsimha Raju Sagiraju, 28, first spent about $424,000 from friends on gambling trips to Las Vegas, according to the Santa Clara County District Attorney’s Office.
Sagiraju reportedly embezzled roughly $2 million between April 2015 and February 2016, ultimately spending most of it in Dubai, Monte Carlo and Vegas.
“The defendant stole millions of dollars from people who trusted him so that he could live the lavish lifestyle of a Silicon Valley venture capitalist,” prosecutor Erica Engin said.
“His crimes have caused his victims to lose substantial amounts of money – and trust,” she added of Sagiraju.
Sagiraju previously pleaded no contest to three felony counts of securities fraud and three felony counts of grand theft.
The former technology executive also admitted to excessive taking and white collar crime enhancements.
Judge Shelyna Brown will decide Monday whether Sagiraju shall serve three years or five years in jail for his actions.
News of Sagiraju’s sentencing spread Monday on Twitter ahead of his sentencing that afternoon.
Sagiraju reportedly worked as director of Genwi, a start-up software company, starting in 2012 before defrauding investors.
The former technology executive solicited investments from several of his former classmates at Cupertino High School in Cupertino, CA for Genwi and other ventures.
The investments were reportedly for Genwi, a commercial construction project and pre-IPO shares of Facebook and Pinterest stock.
Three of the victims sued Sagiraju in civil court in 2013, leading to him vowing to repay the investments with interest.
One of the victims also reported the fraud to the Santa Clara County District Attorney’s Office in 2014, ultimately leading to his arrest in 2016.
Sagiraju was purportedly arrested with $155,000 in casino chips while working for a new venture capital fund and a real estate investment company at the time.