However, Krashna did not ever setup or use an escrow account. In fact, he used a personal bank account. After receiving Krashna’s assurances, the concert promoters eventually wired $450,000 into the fake escrow account.
Fake Escrow Account and Wire Fraud
Krashna admitted in his plea agreement that he continued to inform the concert promoters their money was in a Chase Bank escrow account. By this time, Krashna had transferred the money out of his personal account and into other accounts that he controlled. Krashna admitted that he continued to misrepresent the whereabouts of the victims’ money until March 2012.
A federal grand jury indicted Krashna on January 12, 2017 and charged him with seven counts of wire fraud. Krashna pleaded guilty to one count, and the remaining counts were dismissed.
In addition to the prison term and restitution, White ordered the defendant to serve a three-year term of supervised release to follow his prison term. Krashna starts serving his prison sentence on November 6.
