MANHATTAN (CN) – Pastor and religious TV host Samuel “Samee” Solansky pleaded guilty to wire fraud, for duping investors of $3 million in a bogus jewelry business. Prosecutors say Solansky promised 100 percent returns “within a matter of months,” but spent the money on himself, and never even had a jewelry business.
Solansky, 63, used his “Vandana” cable show, broadcast in the Manhattan area, to solicit investments, telling investors he would use the money to buy gems in India to resell to U.S. jewelers at a profit.
But Solansky admitted he never operated a jewelry business and instead stole the money for personal use.
Solansky faces up to 20 years in prison and a $250,000 fine for wire fraud at his Sept. 29 sentencing.