The disgraced co-founder of defunct, but iconic, electronics chain Nobody Beats the Wiz is heading to prison with empty pockets after a federal judge Wednesday ordered him to shell out $4.5 million to victims he fooled to fraudulently obtain bank loans for a bogus business venture.
Marvin Jemal, who was sentenced to three years in prison in November after copping a plea to filing phony documents to dupe a bank into lending his luggage company millions of dollars, was ordered by Manhattan federal Judge Valerie Caproni to pay $2.73 million to lender Israel Discount Bank of New York and another $1.77 million to Nelson Brandt, a Coast Guard lieutenant commander also victimized by the crime.
Brandt reportedly inherited $20 million from his father, who owned Broadway hotels and theaters, and sunk nearly all of it into Jemal's failed business ventures.
He was declared a victim because he guaranteed a bank loan for Jemal — who had declared bankruptcy in 2005 — that wound up defaulting because of the Jemal's shady activities.
Brandt testified that Jemal's fame running Nobody Beats the Wiz had little to do with why he agreed to help him financially — rather it was because Jemal had the same color eyes as Brandt's deceased dad and that Jemal's middle name, Louis, is the same as Brandt's father's first name, Crain's New York previously reported.
The government had recommended Brandt receive more than $454,000 in restitution.
During his November sentencing, Caproni told the career military man, "My heart goes out to you . . . but I don't have the power to make everything right."
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