PITTSBURGH, Penn. – A federal grand jury in Pittsburgh has indicted a man on charges of bankruptcy fraud, mail fraud, conspiracy to maliciously destroy property by fire, and malicious destruction of property by fire.
The four-count Indictment named Prasad Margabandhu, 47, as the sole defendant.
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According to the Indictment, from March 2019 to June 2022, Margabandhu engaged in a scheme to defraud the bankruptcy court by filing multiple bankruptcy petitions in the names of companies he controlled called “RSP Pittsburgh” and “Shane Tracy Enterprises” to delay efforts by creditors, such as the mortgage holder and taxing bodies, to execute on judgments against a property located at 1925 East Carson Street.
The Indictment also alleges that in June of 2022, Margabandhu conspired with at least one other person to set fire to the property to get paid by the insurance company.
Margabandhu also committed mail fraud in the scheme.
Margabandhu faces a maximum sentence of five years for the bankruptcy fraud count and a fine of up to $250,000.
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The mail fraud count provides a maximum sentence of 20 years imprisonment and a fine of up to $250,000.
The conspiracy to maliciously destroy property by fire and malicious destruction of property by fire counts each provides for a minimum sentence of five years and up to 20 years in prison, as well as fines totaling up to $500,000.
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