Parmjit “Paul” Parmar, an Indian-origin investor who once called himself recession-proof as he continued splurging money in 2008, has been sentenced to five years in prison. Parmar pleaded guilty to conspiracy to commit securities fraud that involved inflating revenues, falsifying bank records, and misleading investors in a publicly traded healthcare services company where he served as CEO. The fraud is estimated to have involved over $212 million.
