Joined: Mar 2006
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   United States
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 Oct 08, 2011, 11:35:53 PM | #1 |
From the AP wire :
A San Francisco real estate developer accused of defrauding investors of $25 million in a Ponzi scheme has pleaded guilty to wire fraud.
The U.S. Attorney's Office says Maher Talal Muhawieh entered the plea on Wednesday. He will face up to 20 years in prison when he is sentenced on March 7.
Prosecutors say Muhawieh persuaded dozens of people to lend him money by promising high returns from the purchase, renovation and resale of residential properties.
But prosecutors say he instead used the money to pay interest on loans from other investors and for personal expenses. He was charged with 12 counts of wire fraud in September 2010.
Muhawieh's lawyer, Stuart Hanlon, has said his client intended to help fellow Palestinian immigrants make money but was not able to fulfill his promises after California's housing market collapsed.
As with many financial fraud cases it's typical the con artist was preying on immigrants in his own community. |
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