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Former Capitals Owner Facing Life Behind Bars

 
Former Capitals Owner Facing Life Behind Bars
Posted Thursday, May 8th 2014 @ 6pm  by KFBK News - Joe Michaels

The former owner of the Sacramento Capitals tennis team will likely spend the rest of his life in prison after admitting that his financial dealings were out of bounds.

An investment fraud scheme that took in more than $150 million helped 63-year old Deepal Wannakuwatte build a financial empire, but an FBI investigation brought it to a halt and has Wannakuwatte facing a 20-year prison sentence.

"There's no early release in the federal system, and he will be required by law to serve at least 85% of the prison time imposed," said Attorney Ben Wagner. 

Wagner says Wannakuwatte actaully inflated his income tax returns to establish financial credibility with investors and financial institutions.

"The image of success was part of the scam and he built on that, built on his connections, his friendships," Wagner explained.

Last year, Wannakuwatte claimed to have more than $125 million in Veterans Affairs contracts when he actually had a single contract worth $25,000. 

The scheme convinced more than 100 victims, from the Sacramento area and beyond, to invest with Wannakuwatte since 2002.

 

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