USAO - New York, Eastern News Update

Offices of the United States Attorneys

You are subscribed to USAO - New York, Eastern news updates. This information has recently been updated, and is now available. 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.

---

You have received this e-mail because you have asked to be notified of changes to the Offices of the United States Attorneys website. GovDelivery is providing this service on behalf of the Executive Office for United States Attorneys, Department of Justice, 950 Pennsylvania Ave., NW · Washington, DC 20530 · 202-514-2000 and may not use your subscription information for any other purposes.

Manage your Subscriptions | Department of Justice Privacy Policy  | GovDelivery Privacy Policy

Follow the Offices of the United States Attorneys on Twitter: @USAttorneys