A San Jose developer who hid his company's money troubles from investors is headed to federal prison.
The sentence
Sanjeev Acharya, 58, of San Jose, was sentenced Wednesday to 18 months for wire fraud and a monetary transaction involving fraud proceeds, according to the U.S. Attorney's Office for the Northern District of California, as reported by Bay City News and NBC Bay Area. U.S. District Judge Charles R. Breyer also ordered two years of supervised release and $2.25 million in restitution.
The scheme
Acharya was president and CEO of SiliconSage Builders and related companies, which raised money for large Bay Area real estate projects. He solicited investments himself, according to his plea agreement. Between March and October 2020, prosecutors said, he misled more than 20 investors by not telling them SiliconSage was heavily in debt and short on cash. The company was struggling partly because of the COVID-19 pandemic and needed new money to stay afloat. Investors lost more than $2.2 million.
"Behind these losses are individuals and families whose retirement plans, educational opportunities, and financial security were put at risk," said John Abram, acting special agent in charge of IRS Criminal Investigation's San Francisco office.
Acharya was charged in September 2025 and pleaded guilty in January 2026.