'Prodigy' Trader Charged for $5 Million Investment Scam

A California man once celebrated as a ‘prodigy’ trader, Mihir Deepak Sukthankar, is facing charges for orchestrating a multi-million-dollar investment scam.

According to court documents, 23-year-old Sukthankar, who owned several trading companies, and his accomplice Dylan Bryce Baker lured clients by promising returns from trading forex, options, and other financial products.

It is reported that Sukthankar convinced clients in Kentucky and California to deposit large sums of money into accounts he controlled, mixing these funds with his own money. Clients believed their investments would be used for trading activities, but investigators found that Sukthankar used their funds for personal expenses and paid previous investors with money from new participants.

Additionally, Sukthankar created the password-protected website “Nvest Portal” to display fabricated account balances and returns to investors. Investigators stated that this manipulated website was used to mislead clients into believing they were investing.

Sukthankar's accomplice, Baker, operated companies including Future Flow II LLC and Triple Bake LLC. Court documents show that Baker also fabricated profits through the website to persuade clients to invest more, including transferring $4.2 million to an account associated with Sukthankar.

Baker purportedly introduced an investor known as “TS” to Sukthankar. TS initially invested $1 million and, upon seeing the fabricated account balances, mistakenly believed his trades were successful and added another $4 million.

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