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College undergrad admits running $1 million Ponzi scheme from frat house, spending money in Vegas


Added 10-11-19 06:25:03pm EST - “A former University of Georgia student pleaded guilty Thursday to running a Ponzi scheme that bilked about $1 million from more than 100 investors, many of whom were his own classmates, and then splurging the money on booze and trips…” - Nydailynews.com

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Posted By TheNewsCommenter: From Nydailynews.com: “College undergrad admits running $1 million Ponzi scheme from frat house, spending money in Vegas”. Below is an excerpt from the article.

A former University of Georgia student pleaded guilty Thursday to running a Ponzi scheme that bilked about $1 million from more than 100 investors, many of whom were his own classmates, and then splurging the money on booze and trips to Las Vegas.

Syed Arbab was an undergraduate at the school’s Athens campus when he convinced his victims to invest in two “hedge funds" from May 2018 to May 2019, according to the U.S. Department of Justice.

The 22-year-old scammer repeatedly made empty promises and lied to investors while using much of the money in bars, fine dining, clothing and trips to Vegas, where he spent thousands of dollars on gambling and “adult entertainment,” federal authorities said in a news release.

Arbab, who pretended to be an MBA candidate at the university’s business school, operated the funds primarily from the local Phi Kappa Tau fraternity house, prosecutors said.

After learning that some prospective investors were football fans, he reportedly told them that a famous NFL player and University of Georgia alumnus had invested in his business. Authorities did not name the player, but they said the athlete had never invested in Arbab’s enterprise.

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