PITTSBURGH — A man pleaded guilty to bankruptcy fraud and mail fraud in connection to a fire at a building he owned on Pittsburgh’s South Side in 2022.
>> Man federally indicted for causing massive fire on Pittsburgh’s South Side in 2022
Prasad Margabandhu, 48, filed multiple bankruptcy petitions in the names of companies he owned to delay creditors from putting it in the sheriff’s sale.
He also admitted that his insurance claim related to the June 2022 fire that destroyed the property was fraudulent.
Margabandhu admitted he made several false statements to the insurance company.
He is scheduled to be sentenced in January 2025. He faces up to 25 years in prison, a fine of up to $500,000, or both.
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