Parmjit Parmar, a 55-year-old Indian-origin man from New Jersey, has been sentenced to five years in jail, followed by three years' supervised release and a payment of $125 million over his involvement in a large-scale conspiracy to defraud investors, in connection with the purchase or sale of the company's securities. Parmar, also known as Paul Parmer, had pleaded guilty in 2025.
According to the court documents, the fraud was conducted between May 2015 through September 2017. Parmar and his conspirators, including Sotirios Zaharis, aka, 'Sam Zaharis', and Ravi Chivukula orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take a healthcare services company traded publicly on the London Stock Exchange’s Alternative Investment Market private.
