Religious TV Show Host Pleads Guilty To Jewelry Fraud Scheme

Samuel Solanky, a/k/a "Samee Solanky," a pastor with a religious show on cable television known as "Vandana" broadcast in the New York City metropolitan area and elsewhere, is not likely to be able to continue broadcasting. That’s because he has just pleaded guilty to an indictment charging him with one count of wire fraud, in connection with a scheme by which he caused individuals to invest approximately $3 million in a non-existent jewelry business. Solanky also agreed to forfeiture in the amount of $3 million. 

According to the indictment and statements made during court proceedings: From in or about June 2005 through in or about July 2009, Solanky engaged in a scheme where he solicited investments from individuals by telling them that he would use their investments to purchase gem stones in India that would be sold to jewelers in the United States. He promised victims that they would receive 100 percent returns on their investments within a matter of months. He solicited potential investors in part through the religious organizations in which he was involved.
 
In fact, according to the government: Solanky did not operate a jewelry business and the money obtained from the victims was not used to purchase gem stones. Rather, he diverted the victims' money for his own use. Indeed, often after he received money from victims, he caused the money to be wire transferred to various foreign entities or to be withdrawn as cash or through checks payable to him or to “cash.” In total, he stole approximately $3 million from victims through his fraudulent scheme.
 
During his plea allocution, Solanky admitted using fraudulent means to obtain money from individuals, and admitted that he did not have a gem stone business. Scheduled to be sentenced on September 29, 2010, Solanky faces a maximum term of imprisonment of 20 years and a maximum fine of $250,000 or twice the gross gain or loss resulting from the crime.