Ramesh Nathan was convicted of wire fraud and money laundering for scamming local investors, including veterans, with false claims about a fake space tech company and using their money for personal expenses.

A federal jury in San Francisco convicted Ramesh Kris Nathan, 43, on Thursday of six counts of wire fraud and two counts of money laundering after he defrauded investors with promises of futuristic space technology. According to Bay Area News Group, Nathan claimed his company, Relativity Research Fund, was developing spacecraft, propulsion systems, and robotics, boasting of worldwide offices, massive profits, and an upcoming Nasdaq listing. In reality, the company had no employees, operations, or revenue.

Between 2016 and 2017, Nathan took about $50,000 from investors — many of them military veterans — using false promotional materials, a fake company website, and an intermediary to lure victims. Instead of funding tech innovation, Nathan spent the money on personal expenses and overseas transfers to his mother and ex-girlfriend. Nathan was arrested in 2019 while trying to leave the US.

Prosecutors and the FBI said Nathan betrayed the trust of investors with "fantastic tales" and "science fiction.” He now faces up to 20 years in prison for each fraud charge and 10 years for each laundering charge, with sentencing set for June 13.

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