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    Ophthalmologist pleads guilty to fraud charges

     


     

    Dr. Potarazu founded the company VitalSpring Technologies, Inc. in 2000. It was branded as a software company focused on providing data science applications to enhance healthcare delivery.

    “Sreedhar Potarazu created a complex web of lies to deceive VitalSpring shareholders, using false documents, fictitious websites, and fake potential buyers to induce investments and conceal the precarious financial status of the company, including millions of dollars of employment tax that he diverted from the U.S. Treasury,” said Principal Deputy Assistant Attorney General Caroline D. Ciraolo in a Department of Justice release.

    She went on to call it a “multi-layered scheme.”

    Court records show that Dr. Potarazu provided his company's shareholders with false and misleading information since 2009, during which time the campany was operating at a loss. Still, Dr. Potarazu told investors revenue was growing, acquisition was near, and that the company had a large amount of capital already saved.

    Jolie Higazi
    Jolie is the Content Specialist for Ophthalmology Times. She can be reached at [email protected]

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