ALEXANDRIA, Va. (AP) — A political donor and cable news commentator has pleaded guilty to a multimillion-dollar fraud scheme connected to his health-technology business.
Fifty-one-year-old Sreedhar Potarazu (pott-eh-RAH’-zoo) of Potomac, Maryland, served on the credentials committee at this year’s Democratic National Convention, though he has given to both Democrats and Republicans. He also made frequent appearances on Fox Business and other cable news shows.
Potarazu pleaded guilty Friday in federal court in Alexandria to fraud and failure to pay more than $7 million in payroll taxes. Prosecutors say Potarazu defrauded more than 150 shareholders in his McLean-based company, VitalSpring Technologies, out of $30 million by lying about the company’s finances and tax liabilities.
The fraud scheme was unrelated to his political donations.
He faces up to 15 years in prison.
The post Political donor pleads guilty to investment fraud scheme appeared first on WTOP.
