Metairie Man Pleads Guilty To Embezzling Over $7 Million from His Employer and Filing False Tax Returns
NEW ORLEANS – U.S. Attorney Peter G. Strasser announced that DEEPAK “JACK” JAGTIANI, age 60, a resident of Metairie, pleaded guilty today before U.S. District Judge Jay C. Zainey. JAGTIANI admitted his guilt to both counts of the indictment that was filed against him in December 2019, which charged him with wire fraud and making false statements on a federal income tax return.
According to the court documents, from 2007 to 2019, JAGTIANI served as the comptroller of Dan-Gulf Shipping, Inc., a Metairie-based freight forwarding company. In that capacity, JAGTIANI had the authority to manage the payroll and other accounts for Dan-Gulf. JAGTIANI admitted that he used his authority to pay himself excessive salaries and benefits from 2009 through early 2019. In total, JAGTIANI defrauded Dan-Gulf and its business partners of over $7,000,000.00.
JAGTIANI also admitted to filing false personal tax returns. According to court documents, for tax years 2014 to 2017, JAGTIANI claimed business losses through a fake catering business. In total, he claimed enough business losses to offset most of his income for which he would be required to pay federal income tax. In truth and in fact, neither JAGTIANI nor his spouse operated any catering business. In total, JAGTIANI avoided paying a total of $1,232,267.00 in federal income taxes.
As to Count 1, wire fraud, JAGTIANI faces a maximum of 20 years in prison, a $250,000.00 fine, and up to three years of supervised release. As to Count 2, filing false tax returns, JAGTIANI faces a maximum of three years of imprisonment, a $250,000.00 fine, and up to one year of supervised release. Judge Zainey scheduled the sentencing hearing for November 17, 2020.
U.S. Attorney Strasser praised the agencies that contributed to this indictment, including the U.S. Secret Service, the Internal Revenue Service – Criminal Investigations, and the Jefferson Parish Sheriff’s Office. U.S. Attorney Strasser also extended his thanks to the Jefferson Parish District Attorney’s Office for their assistance in this matter. This case is an example of the coordinated effort of the federal and state law enforcement authorities within the Louisiana Financial Crimes Task Force, which includes representatives from the U.S. Secret Service, the Internal Revenue Service, the Louisiana Attorney General’s Office, Louisiana State Police, Jefferson Parish Sheriff’s Office, New Orleans Police Department, Covington Police Department, Hammond Police Department, Kenner Police Department, Mandeville Police Department, Slidell Police Department, St. Bernard Parish Sheriff’s Office, St. John the Baptist Sheriff’s Office, St. Tammany Parish Sheriff’s Office, Tangipahoa Parish Sheriff’s Office, St. Tammany Parish District Attorney’s Office, Homeland Security Investigations, U.S. State Department, U.S. Postal Inspection Service, Social Security Administration-Office of Inspector General, and the Defense Criminal Investigative Service. Assistant United States Attorney Matthew R. Payne is in charge of the prosecution.