Ex-Smith Barney Adviser Pleads Guilty to Wire Fraud
Sanjeev Jayant Kumar Shah, a former adviser at Smith Barney, pleaded guilty today to defrauding clients of more than $3 million, prosecutors said.
Shah entered his plea today in Manhattan federal court. He admitted fabricating and e-mailing documents purporting to be from a foreign bank authorizing a transfer of $3.2 million from its Smith Barney account and into another bank’s account, prosecutors said. Shah told representatives of the foreign bank, which isn’t named, that he transferred the funds to buy bonds, they said.
Shah, 35, who lives in New York, pleaded guilty to wire fraud and securities fraud. He’s scheduled to be sentenced on Feb. 24.
Defense attorney Edward Little didn’t immediately return a phone call for comment.
Smith Barney is a unit of Citigroup Inc.
“Citi brought this matter to the attention of the Department of Justice,” the New York-based bank said in a statement. “We are pleased this matter is now resolved.”
The case is U.S. v. Shah, 10-cr-1169, U.S. District Court, Southern District of New York (Manhattan).
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