Former Jacksonville Jaguars employee Amit Patel is facing charges of wire fraud and illegal monetary transaction after allegedly embezzling $22 million from the NFL team.
The court documents filed in US District Court in Jacksonville paint a picture of a complex scheme involving luxury purchases and online gambling to cover substantial debts, as per The Independent.
Former Jaguars Employee Faces Fraud Charges
Patel, who served in the Jaguars' financial planning and analysis department for five years starting in 2018, is accused of using his position to carry out significant fraudulent financial activities. These activities included the purchase of two vehicles - a Tesla and a Nissan pickup truck, a condominium in Ponte Vedra Beach, a $95,000 designer watch, cryptocurrencies, and numerous bets on online gambling sites.
The misuse of funds extended to buying sports memorabilia, country club memberships, spa treatments, and tickets to various events, along with chartering private jets for personal travel. Patel even secured a retainer with a criminal defense law firm using the embezzled funds.
However, Patel's attorneys argue that their client's actions were driven by a desperate attempt to pay off gambling debts accumulated while working for the Florida team. This claim, however, does not mitigate the seriousness of the charges he faces.
The Jaguars, referred to as 'Business A' in the court documents, terminated Patel's employment in February 2023. The team confirmed their full cooperation with the FBI and the US Attorney's Office during the investigation.
They emphasized that Patel's role did not involve access to confidential football strategies or information. Following an independent review by law and accounting firms, the team concluded that no other employees were involved in or aware of Patel's criminal activities, according to Daily Mail.
Ex-Jaguars Employee's VCC Fraud
Patel's responsibilities in the Jaguars included overseeing the monthly financial statements and department budgets. He was also the administrator of the club's virtual credit card (VCC) program, which he exploited to execute the fraudulent transactions.
The court documents detail how Patel duplicated and inflated transactions for items such as catering, airfare, and hotel charges and filed fake transactions that appeared legitimate.
The scheme lasted from September 2019 to February 2023, with Patel employing various tactics to conceal his fraudulent activities. This included duplicating legitimate recurring VCC transactions, inflating amounts, and entering fictitious transactions that sounded plausible but never actually occurred. He manipulated legitimate VCC charges, moving them to different months to avoid detection.
If convicted, Patel may be required to forfeit property and assets purchased or funded with the proceeds of his scheme. The case is set to proceed based on the sworn information filed by federal prosecutors, with Patel waiving his right to an indictment.
This case underscores the vulnerability of organizations to internal fraud and the importance of stringent financial controls and oversight. The Jacksonville Jaguars' experience serves as a cautionary tale, highlighting the need for continuous vigilance in financial management, particularly in high-profile organizations like NFL teams, CNN News reported.
