Deserter Turned Investment Manager Admits Bilking Clients of $30 Million
TRENTON, N.J. (AP) _ A man who started an investment business after twice deserting the Marine Corps has admitted cheating clients out of $30 million in four years.
Chuckles Kohli pleaded guilty Wednesday and agreed to cooperate with federal authorities, who are investigating his companies, Sigma Inc. and The Savid Group, which operated near Princeton.
Kohli faces up to 25 years in prison, a fine of up to $60 million and an order of restitution when sentenced May 29 for commodities, wire and mail fraud, and income tax evasion.
Kohli, 35, at times promised clients returns of 100 percent on their investments.
But after losses, ``Like a gambler, he doubled his bets, in the hopes of making back what he lost,″ said Assistant U.S. Attorney Scott Christie.
``That wasn’t successful, so he doubled his bets once again″ and told clients they were making money, he said.
Kohli, who joined the Marines in 1983, was absent without leave in 1984 and 1987. He surrendered to the Marines last year and was later arrested by the FBI for wire fraud.