Indictment — No. 3:21-cr-03352 (Dkt. 1, S.D. Cal.)

Summary

A grand jury indictment filed December 1, 2021 as Document 1 in United States v. Denny Bhakta, Case 3:21-cr-03352-JLS, in the U.S. District Court for the Southern District of California, filed under seal and ordered unsealed on 12/14/21. It alleges that Bhakta, who controlled Fusion Hospitality Corporation and Fusion Hotel Management, LLC, told investors from at least 2016 that Fusion bought blocks of hotel rooms from a multinational hospitality company and resold them at a profit to a major American airline, and gave them fabricated bank records and agreements. The indictment alleges investor money went to personal expenses, gambling losses and payments to other investors. Count 1 charges securities fraud under Title 15, U.S.C., Secs. 78j(b), 78ff, and Count 2 charges money laundering under 18 U.S.C. § 1957 for a $100,000 withdrawal from a Fusion Hotel Management, LLC account.

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