Alleged Ponzi scheme mastermind reaches plea deal

Julie Manganis, The Salem News, Beverly, Mass.
·1 min read

Mar. 27—BEVERLY — A Beverly man who billed himself as an "angel investor" helping startups but instead used the money to live a high-end lifestyle and buy a boat has reached a plea agreement with federal prosecutors, court filings show.

Tanmaya Kabra, 27, who has been on conditions of release and living in a Rantoul Street apartment, is due in U.S. District Court in Boston on April 8.

Kabra is expected to plead guilty to four counts of wire fraud. Prosecutors are agreeing to recommend a sentence at the "low end" of federal sentencing guidelines.

Kabra, prosecutors said when originally charging him, held himself out as a successful entrepreneur and investor to other investors.

Kabra allegedly promised to use investor funds, as much as $250,000 from some, to help startups, promising one investor a 32% return.

Instead, he used some of the money to purchase a boat, prosecutors charged. He also traveled extensively.

Investors, prosecutors say, would be "strung along with excuses," until he got another investor, whose funds would go toward partial repayments of the original investors.

Courts reporter Julie Manganis can be reached at 978-338-2521, by email at jmanganis@salemnews.com or on Twitter at @SNJulieManganis.

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