• ITVI.USA
    15,389.070
    -185.800
    -1.2%
  • OTLT.USA
    2.916
    -0.001
    0%
  • OTRI.USA
    20.920
    0.140
    0.7%
  • OTVI.USA
    15,369.850
    -194.390
    -1.2%
  • TSTOPVRPM.ATLPHL
    2.920
    -0.040
    -1.4%
  • TSTOPVRPM.CHIATL
    3.680
    -0.030
    -0.8%
  • TSTOPVRPM.DALLAX
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXDAL
    3.620
    -0.020
    -0.5%
  • TSTOPVRPM.PHLCHI
    2.420
    0.100
    4.3%
  • TSTOPVRPM.LAXSEA
    4.170
    0.000
    0%
  • WAIT.USA
    128.000
    2.000
    1.6%
  • ITVI.USA
    15,389.070
    -185.800
    -1.2%
  • OTLT.USA
    2.916
    -0.001
    0%
  • OTRI.USA
    20.920
    0.140
    0.7%
  • OTVI.USA
    15,369.850
    -194.390
    -1.2%
  • TSTOPVRPM.ATLPHL
    2.920
    -0.040
    -1.4%
  • TSTOPVRPM.CHIATL
    3.680
    -0.030
    -0.8%
  • TSTOPVRPM.DALLAX
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXDAL
    3.620
    -0.020
    -0.5%
  • TSTOPVRPM.PHLCHI
    2.420
    0.100
    4.3%
  • TSTOPVRPM.LAXSEA
    4.170
    0.000
    0%
  • WAIT.USA
    128.000
    2.000
    1.6%
MaritimeNewsTrade and Compliance

Maritime company employee sentenced after stealing $7 million

Comptroller embezzled money from ship management company Dan-Gulf Shipping for over 10 years

Deepak “Jack” Jagtiani was sentenced to more than five years in prison for embezzling over $7 million from a Metairie, Louisiana-based marine cargo company and for defrauding the government of over $1 million in income taxes.

Jagtiani, 61, who was facing a maximum of 20 years in prison when he was indicted last year, admitted that he used his authority as the comptroller of Dan-Gulf Shipping Inc. to pay himself excessive salaries and benefits from the company between 2009 and 2019. Dan-Gulf Shipping Inc. is a ship management company and broker specializing in heavy-lift and bulk cargo.

In addition to embezzling from his employer, Jagtiani admitted to filing false personal tax returns, claiming business losses through a fake catering business that allowed him to avoid paying over $1.2 million in income tax. “In truth and in fact, neither Jagtiani nor his spouse operated any catering business,” according to prosecutors.

Jagtiani was sentenced to 63 months in prison for the embezzlement charges and 36 months for false tax returns. The judge ordered the sentences to run concurrently. He was also ordered to pay $7.1 million in restitution to Dan-Gulf and Caytrans BBC, a partner of Dan-Gulf, and $1.2 million in restitution to the IRS for unpaid income taxes.

Related articles:

Click for more FreightWaves articles by John Gallagher.

John Gallagher, Washington Correspondent

Based in Washington, D.C., John specializes in regulation and legislation affecting all sectors of freight transportation. He has covered rail, trucking and maritime issues since 1993 for a variety of publications based in the U.S. and the U.K. John began business reporting in 1993 at Broadcasting & Cable Magazine. He graduated from Florida State University majoring in English and business.

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