R. Litz and Sons CFO Peter Ramdath paid for luxury cars, jewelry, vacations with money taken over five years
Luxury cars, designer clothes, a private jet to Dubai, and parties on yachts — those are just some of the things police alleged a former executive at a Winnipeg crane company paid for with more than $4 million he swindled out of his employer over five years.
Peter Ramdath, 43, pleaded guilty to one count of fraud over $5,000 on Wednesday , January 15th. In exchange, the Crown agreed to stay other charges against him and to not pursue criminal charges against his wife.
Ramdath, who was the chief financial officer at R. Litz and Sons Company Ltd., was also initially charged with theft, possessing property obtained by crime, falsification of books and documents and laundering the proceeds of crime.
Ramdath’s lawyer, Richard Wolson, said his client was “in a position of trust” at the company when he knowingly defrauded them of more than $4.2 million.
When asked by the judge if he had in fact committed the fraud, Ramdath simply answered “yes.”
Provincial court Judge Keith Eyrikson accepted the plea agreement. The case was adjourned to June 11 for sentencing.
‘Movie star-type lifestyle’
Police began investigating Ramdath in 2017.
Last January, officers executed a search warrant at a home in East St. Paul, Man., and seized luxury items including jewelry, clothing, electronics and vehicles, as well as financial documents related to the case.
Ramdath was arrested that day at a business in Winnipeg but was later released on bail. He remains free until his sentencing.
Ramdath worked at R. Litz and Sons, a crane and rigging company based in Winnipeg, from 2008 until he resigned in 2017, according to court documents.
The documents reveal the company became suspicious of Ramdath in 2017 and hired a private investigator, who uncovered “evidence of a movie star-type lifestyle” Ramdath and his wife were living.
“This included wearing/purchase of designer clothes and exotic trips, where they partied on yachts. In one instance evidence was uncovered that they had taken a private jet on a trip to Dubai,” according to a police affidavit.
In a sworn affidavit filed by R. Litz and Sons’ general manager as part of the company’s creditor protection filing, Patrick Szypowski described Ramdath’s 2014 wedding in the Crystal Ballroom at the Fort Garry Hotel as “a lavish affair.”
In a video of the event posted online, the couple described themselves as “known by family and friends for their extravagant tastes.”
According to the affidavit, Ramdath either owned or leased luxury cars including a 2017 Maserati Levante S, a 2008 Aston Martin Vantage, a 2013 Cadillac Escalade, and a McLaren MP4-12C sports car. Several of those vehicles had been sold or listed for sale, the affidavit said.
At the time of his resignation, Ramdath’s salary was $85,000.
The crane company, which filed for creditor protection and went into receivership in 2017, also filed a civil suit against Ramdath that same year, but the case was dismissed last December due to delays.
