A Stanislaus County man is accused of defrauding victims of $2.7 million in a foreign currency exchange market scheme.
A federal grand jury returned an eight-count indictment against Eshaq Nawabi, 27, of Saliba.
Driving the news: Nawabi is charged with wire fraud for a scheme that he allegedly ran from October 2019 to February 2022.
- The indictment states that Nawabi convinced victims that he was a successful trader in the foreign currency exchange market, known as “forex.”
- The victims gave Nawabi thousands of dollars to invest and received monthly statements that showed they were making a large profit.
- Those statements were apparently fabricated, however, since Nawabi allegedly spent the investment money on himself and to keep the fraud scheme going.
- The indictment accuses Nawabi of leasing luxury vehicles with the money, including multiple Lamborghinis, a Ferrari and a McLaren.
What we’re watching: Nawabi faces up to 20 years in prison and a $250,000 fine if convicted.
