Pittsburgh-area business owner sentenced to prison over fraudulent insurance claims
PITTSBURGH (KDKA) -- A business owner from Mt. Lebanon will spend three years in prison for submitting fraudulent insurance claims and bankruptcy petitions.
Investigators say that Prasad Margabandhu filed multiple fraudulent bankruptcy petitions to try and delay judgment one one of his properties on Pittsburgh's South Side.
They also say he admitted to submitting false insurance claims after hiring someone to burn down the building along East Carson Street in 2022.
Margabandhu is also facing charges as the co-owner of the Panther Pit.
The Oakland bar was raided earlier this year and charges were filed against he and his co-owner for violating state liquor laws.
A judge ordered the bar to close for one year, labeling it as a nuisance.
