Former employee accused of stealing $22M from Jacksonville Jaguars for lavish shopping spree
OAN’s James Meyers
9:54 AM – Thursday, December 7, 2023
An ex-employee of the Jacksonville Jaguars has been charged for stealing $22 million from the team and spending it on luxurious items such as cars, a condo, a $95,000 watch and more.
According to documents filed on Monday in the Jacksonville division of the U.S. District Court for the Middle District of Florida, Amit Patel held sole authority of the ability to approve charges to the team’s virtual credit card, which is a charge account that does not require a physical credit card.
According to prosecutors, Patel made $22.2 million in charges dating back to September 2019 up to his termination in February of this year, which he altered documents in an attempt to cover up the charges. He has been charged with wire fraud and making an illegal monetary transaction.
Additionally, Patel was only allowed to use the credit card for business expenses but charged the franchise for other luxurious items. The items include a condo valued at $265,830, a Tesla Model 3 Sedan, cryptocurrencies, gambling, NFTs, private jet travel, private residence rentals, and the retainer fee for a criminal defense law firm among other things.
It is alleged that in order to avoid being detected of the large transactions, Patel created an elaborate scheme to siphon money.
“For example, to hide his fraudulent VCC transactions, the defendant identified legitimate reoccurring VCC transactions, such as catering, airfare, and hotel charges, and then duplicated those transactions,” according to the the court documents.
“He inflated the amounts of legitimate reoccurring VCC transactions; he entered completely fictious transactions that might sound plausible, but that never actually occurred; and he moved legitimate VCC chargers from upcoming months into the month of the integration file that was immediately due to the accounting department.”
The Jaguars hired Patel in 2018 as coordinator, financial planning and analysis. He later became a manager in the same department.
Meanwhile, Patel waived his right to an indictment and the case will continue based on the sworn information filed by federal prosecutors.
The team has also said that they are cooperating with the FBI, and that law enforcement has determined no other employees were involved in the alleged scheme.
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What were the specific fraudulent activities that Amit Patel engaged in using the team’s virtual credit card?
Nning and analysis. His position gave him access and control over the team’s virtual credit card, which he used to make unauthorized transactions for personal gain. Patel’s fraudulent activities went undetected for several years until an internal investigation uncovered the discrepancies.
The charges against Patel include wire fraud and making an illegal monetary transaction. These charges carry severe penalties, including hefty fines and potential imprisonment. If convicted, Patel could face a significant prison sentence and be required to make restitution for the stolen funds.
The extent of Patel’s embezzlement is staggering. Over the course of four years, he managed to amass $22.2 million in unauthorized charges. These charges were used to fund a lavish lifestyle filled with luxury items and extravagant experiences. Some of the notable purchases include a $95,000 watch, a Tesla Model 3 Sedan, and a condo valued at $265,830. Additionally, Patel engaged in cryptocurrency investments, gambling, and acquiring non-fungible tokens (NFTs). He also utilized private jet travel and rented private residences.
To conceal his fraudulent activities, Patel devised a sophisticated scheme. He manipulated legitimate recurring transactions by inflating their amounts and creating fictitious transactions that appeared plausible. He also moved legitimate charges from future months into the current month, making it difficult for the accounting department to detect discrepancies.
The Jacksonville Jaguars organization is understandably shocked and dismayed by Patel’s actions. In a statement, the team expressed their disappointment and emphasized their commitment to fully cooperate with the ongoing investigation. They assured fans and stakeholders that this incident does not reflect the values and principles of the organization and that they are taking steps to prevent such incidents in the future.
The case highlights the importance of strong internal controls and audits within businesses. It serves as a reminder that no organization is immune to the risk of fraudulent activities, and thorough checks and balances must be in place to safeguard against such occurrences. Prompt detection and swift action are crucial to limit the damage caused by fraudulent employees.
As the legal proceedings unfold, the Jacksonville Jaguars and the U.S. District Court will ensure that justice is served. Patel, if found guilty, will face the consequences of his actions, and the stolen funds may be recovered to the extent possible.
The case of Amit Patel and the Jacksonville Jaguars serves as a cautionary tale for all organizations. It underscores the significance of implementing robust systems and procedures to prevent and detect fraudulent activities. Trust in employees should never be absolute, and constant vigilance and oversight are necessary to protect the financial integrity of businesses.
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