Vijay K. Taneja, 47, of Fairfax, Virginia, plead guilty to one count of conspiracy to commit money laundering involving his company, Financial Mortgage, Inc., which originated and sold mortgages in the Washington, DC area. Taneja, through his company, arranged for temporary funding of the groups of mortgages before selling them. According to the complaint, beginning in 2001, FMI began defrauding a series of warehouse lenders and eventually two other financial institutions serving as long term investors, causing an accumulated loss of at least $33 million to four financial institutions by the time FMI filed for bankruptcy in June 2008. Taneja reportedly invested millions in Indian movies and concerts. He was also the head of Elite Entertainment, Inc., which promoted celebrities from the Indian film industry. He faces 20 years in prison, plus a $500,000 fine and restitution.
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