Investment plan

Dearborn man uses fake investment scheme to steal $441,000 from 30 people to fund lavish lifestyle

DEARBORN, Mich. – A Cherborn The man tricked dozens of people into giving him hundreds of thousands of dollars for a bogus investment plan and used the money to fund his own lavish lifestyle, officials said.

Ali Rameh Bazzi, 27, of Dearborn, claimed to be an investment manager with a unique business model that could generate high rates of return for investors, authorities said.

Between March 2018 and March 2020, he worked through a supposed investment management firm he formed, officials said. He secured about $540,000 from nearly 30 investors during that time, police said.

Bazzi told his clients that he would invest their money in the commodity and forex markets to generate large profits. He gave them fake account statements at regular intervals, which appeared to show business activity and growth in value, according to federal officials.

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Authorities said Bazzi used the vast majority of the money he obtained for his personal use, including renting exotic sports cars, acquiring jewelry and funding the day-to-day expenses of his comfortable lifestyle. .

Most of Bazzi’s clients were left with no return on their investments, officials said. Of the $540,000 he obtained during the scheme, Bazzi returned about $99,000 to investors, according to court records.

He converted the rest of the funds – estimated at $441,231 – for his own use.

“This defendant lived lavishly on the funds he stole from those who entrusted him with their investments,” the United States Attorney said. Dawn Ison said. “His lies and deception have cost his victims and the community as a whole dearly. Today’s sentence was entirely justified and I hope it deters anyone seeking to enrich themselves by defrauding innocent investors.

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Bazzi pleaded guilty to one count of wire fraud and one count of money laundering in August 2021. He was sentenced Thursday, May 5, to 33 months in prison and must pay $441,231 in restitution to his victims.

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