Illinois Man Convicted Of Scamming Seniors Out Of $500K+ In Alleged Bogus Real Estate Investment Scam

From the Illinois Attorney General's Office:

• Attorney General Lisa Madigan [last month] announced a St. Charles man was convicted on multiple counts for collecting more than $540,000 from five elderly couples for investments he never made. Zia Ahmed, 59, has pled guilty in McHenry County Circuit Court to one count of financial exploitation of the elderly, [...] one count of theft over $10,000, [...], and one count of securities fraud, [...]. He was sentenced to eight years for the financial exploitation charge and five years each on the theft and securities fraud counts.

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• From 2001 to 2006, Ahmed convinced five elderly couples in the western suburbs to supply him with funds to invest in real estate, but he then spent the money for personal interests instead of investing it.

For more, see St. Charles Man Convicted For Scamming Seniors.