With so many investment scams aimed at senior citizens, the elderly, along with their family members, should be on the lookout for operators touting questionable, or phony, investments.
Case in point: A St. Charles, Illinois, man has been convicted on multiple counts for collecting more than $540,000 from five elderly couples for investments he never made.
Zia Ahmed entered a guilty plea to one count of financial exploitation of the elderly, a Class 1 felony, one count of theft over $10,000, a Class 2 felony, and one count of securities fraud, a Class 2 felony, according to Illinois Attorney General Lisa Madagan. He was sentenced to eight years for the financial exploitation charge and five years each on the theft and securities fraud counts.
As part of a multi-county prosecution, Ahmed also pled guilty to two counts of financial exploitation of an elderly person, two counts of securities fraud and one count of mail fraud, a Class 3 felony. He was sentenced to eight years for the financial exploitation charge and five years each on the theft and mail fraud counts.
Previously, Ahmed was convicted on two counts of financial exploitation of an elderly person, two counts of securities fraud, and two counts of mail fraud. He was sentenced to 10 years in the Illinois Department of Corrections for the financial exploitation counts and two years for the mail fraud count. He will serve all his sentences concurrently.
From 2001 to 2006, Ahmed persuaded five elderly couples in the western suburbs to supply him with funds to invest in real estate, but then spent the money for personal interests instead of investing it.
The Attorney General's office learned of the case from local DeKalb law enforcement and the Secretary of State's Securities Division.
"This is truly an example of how callous con artists can be, preying upon seniors who depend greatly on their savings and investments during retirement," Madigan said.
