Diamond Dealer Pleads Guilty to Fraud Charges

Larry Kar, a 47th Street diamond dealer and president of Worldwide Gem Ventures, recently pleaded guilty to one charge of defrauding investors and another of defrauding a bank. He was due to be sentenced Sept. 19, according to Eric A. Tirschwell, assistant U.S. attorney for the Eastern District of New York.

According to the indictment against him, in 2000 Kar was lent as much as $34 million to buy rough diamonds in Thailand. When investors inquired about his financial condition, he made what are termed “fraudulent representations” about the financial health of Worldwide Gem Ventures.