Businessman scams Hoboken bar investors out of $750K, state says
HOBOKEN — A city businessman has been accused of scamming restaurant investors out of $750,000.
Nirav Patel, 39, raised the money from an investment group for the purpose of opening a World of Beer franchise in the Mile Square City. State prosecutors, however, said Patel instead used the funds for personal expenses and other businesses.
World of Beer never opened.
“When New Jersey residents invest their hard-earned money, they are entitled to nothing less than a fair and honest deal,” said Attorney General Gurbir Grewal said Thursday. “We are committed to protecting investors by diligently investigating allegations of financial fraud and prosecuting dishonest operators.”
Patel has been indicted on a charge of second-degree theft by deception.
His attorney did not immediately return a request for comment on Thursday.
Sergio Bichao is deputy digital editor at New Jersey 101.5. Send him news tips: Call 609-359-5348 or email email@example.com.