Richmond man gets 25 years for Ponzi scheme | County News
A Richmond man has been sentenced to 25 years in prison for his role in a multi-million dollar Ponzi scheme that defrauded more than 70 victims over a three-year period, according to the Fort Bend County District Attorney’s Office.
Mejdi Mahmoud Abousaoui, 37, pleaded guilty to one count of fraudulently selling securities more than $100,000 and was sentenced as part of a plea agreement, according to county court records.
As part of the plea agreement, Abousaoui paid $210,454 in restitution and must pay the outstanding restitution of $2.8 million, according to a DA’s office news release.
The Richmond man was accused of taking more than $4 million from 70 victims, falsely claiming to use their money to purchase equities, bonds and other products to get a 5 percent return each month, and using funds to…