DALLAS (CN) – Federal prosecutors accuse a Dallas businessman of using phony business records to fraudulently obtain a $5 million loan he used to buy stock and send $1.4 million to China.
Nick Daryanani, of Dallas, was indicted on one count of bank fraud.
Prosecutors claim that as sole owner of Inspirations Imports, Daryanani schemed to rip off Odessa-based Western National Bank by submitting “a false and fraudulent accounts receivable aging report that stated the receivables of Inspirations Imports Inc. were $9.2 million, when in truth and fact, as the defendant well knew, the stated accounts receivable were materially false and fictitious.”
Inspiration Imports sells home and outdoor decor products to retailers in the United States.
According to an affidavit by FBI agent Jeff Cotner, Daryanani told the bank his company had receivables of more than $1.46 million due from Wal-Mart, $500,000 from US Jesco and $316,000 from Dollar Tree, among others.
However, “The owner of US Jesco stated the company has never done business with Inspirations,” Cotner said in the affidavit. “Representatives for Wal-Mart stated they could not find any record of such transactions.”
Cotner said that the receivables listed for AAFES, Dollar Tree, Garden Ridge, Hobby Lobby, Tuesday Morning and Sierra Pacific Crafts were all false: that none of them had oustanding debt to Inspirations.
The FBI agent said that after $2 million of the loan was funded, Daryanani transferred $1.5 million to his personal checking account, and transferred $1.4 million of that to his E-Trade account to buy securities in March and April 2009.
“Subsequently, Daryanani wired $1,397,722 out of the E-Trade account to a bank account in Hong Kong in the name of ‘Top Planet,'” Cotner said in the affidavit. “In May 2009, there were four transfers from the Top Planet account to companies in Chine totalling $1,411,250.20.”
The federal government seeks forfeiture of more than $3.94 million.