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.
