‘Fantastic tales about space travel technology’ from fake Bay Area company were ‘science fiction’ – The Mercury News

Ramesh Nathan told investors that his spacecraft of the Bay area had seven offices worldwide, used more than 15,000 people and generated $ 30 billion in earnings in a single quarter. But, according to the accusation that has just taken to its condemnation for fraud, the company had no crimes, workers or income.

On Thursday, a jury found Nathan, 43, declared guilty of fraud and money laundering after an eight -day trial.

In 2016 and 2017, and possible before, Nathan Tok approximately $ 50,000 of six investors, including US military veterans, said his accusation. He gathered them with false promises that their relativity research fund based in San Francisco was involved in the development of interstellar space travel technology, the prototype spacecraft, propulsion systems without combustion, said the cost. Relativity had an office in the city’s financial district, according to the accusation.

His statement to investors that Relativity had completed the requirements for the list in the Nasdaq stock market also false, according to the accusation. This was a statement that the company would merge with another company, according to the accusation.

“Ramesh Nathan caused fantastic stories about space travel technology and advanced robotics to attract investors to finance their company, but all I had to sacrifice was science fiction,” said federal prosecutor Patrick Robbins in the San Francisco Court. “The deceived to their investors, many of whom were veterans, on a non -existent business. Then he used bad funds to align their own pockets.”

Robbins said relativity was “a non -existent business.”

Nathan washed the investors’ funds through several bank accounts, prosecutors said. He used the money for personal existence, including trips, and also transferred funds to a bank account abroad, his mother and his ex -girlfriend, the accusation said.