Singapore Resident Sentenced To 57 Months In Prison For Soliciting Millions Of Dollars In Pre-IPO Stock Scheme

Damian Williams, the U.S. Attorney for the Southern District of New York, announced that Shamoon Rafiq was sentenced to 57 months in prison for engaging in a fraudulent investment scheme. Rafiq solicited millions of dollars from investors by falsely claiming to offer pre-IPO stock in private companies he did not have access to. He impersonated officials from a reputable investment firm and engaged in various acts of deception. Rafiq previously served time for a similar crime and was deported from the U.S. The scheme involved creating fake websites and email addresses to deceive victims into investing in non-existent entities. Rafiq made false claims about owning pre-IPO shares of companies like Airbnb, leading to losses exceeding $10 million. In addition to his prison sentence, Rafiq was ordered to pay over $1 million in restitution and forfeiture. The case was handled by the Securities and Commodities Fraud Task Force with assistance from various law enforcement agencies and international partners.

Go to original article source