Jacksonville businessman received over $135K as result of fraud, DOJ says
Ashish Bahl, 52, pleads guilty to fraud
JACKSONVILLE, Fla. – A Jacksonville man who also resides in Atlanta pleaded guilty to conspiracy to commit mail and wire fraud related to the SunTrust Bank building near Jacksonville Landing, the Department of Justice said.
Officials said Ashish Bahl, 52, who was included as an owner with Parador Partners, LLC, purchased a majority interest in the building in 2009.
Based upon Parador's majority ownership of the building, Bahl controlled the board of directors for the association in which the condominium owners were part of, called the River Watch at City Centre Condominium Association, Inc., the DOJ said. He was also associated with the management company for the building.
The DOJ said Bahl inflated special assessments for various building expenses and led other condo owners to believe the invoices were accurate. He also, with the assistance of others, made agreements with contractors to submit inflated invoices for special assessment maintenance issues that were paid for by the condo association, officials said.
As part of an agreement with the contractor, the majority of the invoiced amount was then provided as a kickback to another company owned by Bahl, Dellwood Associates, the DOJ said.
Officials said Bahl additionally used River Watch's bank account for personal expenses, adding that the total amount he received as a result of the fraud was $135,396.
A sentencing date has not been set, but Bahl faces a maximum penalty of five years in federal prison.
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