AFTER pleading guilty to one count of conspiracy to commit wire fraud, Umair Hamid, a vice president of Axact, faces between 63 and 78 months in prison, along with a fine of more than $11 million.
There is no parole in the federal system under which he has been charged. According to the public record of the proceedings, acquired by Dawn, there is no indication that Hamid has cooperated with the authorities, although those familiar with the US justice system say that cooperation could come at any time, even after sentencing.
Hamid faced an additional two-year mandatory sentence against an aggravated identity theft charge, which was dropped as part of the plea deal he cut with prosecutors.
Sentencing is scheduled for July 21. He is being held in the Metropolitan Detention Centre, Brooklyn, New York.
Published in Dawn, May 7th, 2017
For more live updates, follow Dawn.com's official news Instagram account @dawn.today