Sacramento businessman pleads not guilty to fraud charges
03/20/2014 6:30 PM
03/20/2014 6:31 PM
Deepal Wannakuwatte, Sacramento businessman and erstwhile owner of the Sacramento Capitals professional tennis team, has pleaded not guilty to federal fraud charges.
He was advised of his rights and the nature of the charges at an arraignment Thursday on a grand jury indictment accusing him of making false representations and using bogus documents to fleece San Jose-based Bridge Bank.
The bank took the tainted bait and authorized a $4.5 million line of credit for Wannakuwatte, the indictment says. It says he drew down on the line of credit and used the money in ways not covered by his pact with the bank.
Wannakuwatte, 63, who is in no-bail custody as a flight risk, is next scheduled to be in court April 3 for a status conference before U. S. District Judge Troy L. Nunley.
Sacto 911 StaffBill Lindelof
More Sacto 911Crimemapper
Send news tips
Sign up for breaking news alerts
Crime Q&ASacramento Bee reporter Cathy Locke answers your questions about crime news, trends and issues. Look up specific cases using Arrest Logs and Sacramento Superior Courts case database.
Submit your question
Join the Discussion
The Sacramento Bee is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.