Former health care executive charged with securities fraud

MarketsAssociated Press

A British national has been charged in a plot to defraud investors out of hundreds of millions of dollars in connection with a health care company.

The U.S. attorney's office says Pavandeep Bakhshi was arrested at New York's JFK Airport over the weekend. He's scheduled to appear in federal court in Newark on Monday afternoon.

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Bakhshi and three other men are charged with falsifying bank records and using other means to significantly inflate the value of the company as they sought to take it from public to private.

A criminal complaint alleges the men raised millions of dollars purportedly to fund the company's purchase of subsidiary companies, some of which didn't exist.

An attorney representing Bakhshi says his client has an unblemished record and will have his name cleared.