Sports drink con man pleads guilty to fraud in Los Angeles

LOS ANGELES (AP) — A Los Angeles man who claimed to be a soft drink entrepreneur who worked with Stephen Curry and Shaquille O’Neal has pleaded guilty to a $5 million Ponzi scheme.

Khemraj Hardat entered pleas Monday to five charges of wire fraud and could face up to 100 years in prison.

Hardat, a Canadian national, acknowledged that for four years he pretended to be a businessman in the performance drink and bottled-water industries who had the NBA stars as business acquaintances.

He also claimed to have made $100 million in deals with the producers of Pepsi and Dr. Pepper.

Hardat collected $5 million from victims, paying early investors with money from later investors. He also funded a lifestyle that included $100,000 cars, private schools for his children and a luxury high-rise condo.

Categories: California News