Financial Fraud News Update

Offices of the United States Attorneys

You are subscribed to Financial Fraud news updates. This information has recently been updated, and is now available. Former Treasurer of New Mexico Abbey Indicted for $2 Million Fraud and Tax Evasion 01/23/2026 07:00 AM EST James Joseph Owens has been indicted for allegedly stealing more than $2 million in funds from the Norbertine Community of New Mexico and Santa María de la Vid Abbey and filing a false federal tax return. Miami Executive Sentenced in Brooklyn Federal Court to 20 Years in Prison for Massive Fraud Scheme 01/23/2026 07:00 AM EST Earlier today, in federal court in Brooklyn, Pushpesh Kumar Baid, also known as "PK Jain," was sentenced by United States Second Circuit Judge Denny Chin, sitting by designation, to 20 years' imprisonment for his role in schemes to defraud investors in Tradepay Capital LLC ("Tradepay"), a purported factoring company, and in Luxestreet, Inc. (Luxestreet), a purported luxury goods pawn shop.  Baid pled guilty to conspiracy to commit wire fraud in April 2025, approximately one week before trial was scheduled to commence.  As part of the sentence, Baid was preliminarily ordered to pay $35,056,852.83 in restitution to the victims of both the Tradepay and Luxestreet schemes.  Additionally, the Court ordered Baid to forfeit $2,607,689.00 in ill-gotten gains.

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