Nirav Patel (39), Hoboken, NJ resident and real estate and business investor indicted on May 8, 2019 by New Jersey state grand jury for allegedly stealing $750,000.
According to the indictment:
Patel is a real estate and business investor whose primary focus has been restaurants and bars in New Jersey and New York. In 2014, Patel solicited investors for a World of Beer franchise in Hoboken. He allegedly accepted $750,000 from an investment group as a share in the ownership of World of Beer Hoboken, but failed to use those funds for the project. Instead, Patel allegedly deposited the investor funds in his own business account and used the money for personal and business expenses unrelated to World of Beer Hoboken.
Charges and Potential Penatly
Nirav Patel was indicted on a second-degree charge of theft by deception.
The second-degree charges of theft carry a sentence of five to 10 years in state prison and a fine of up to $150,000.
The indictment of real estate and business investor Nirav Patel was a result of an investigation by the New Jersey Division of Criminal Justice Financial & Computer Crimes Bureau.
The indictment is merely an accusation and Nirav Patel must be presumed innocent until proven guilty by a court of law.