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Iranian Jewish Radio Host Accused of Defrauding Investors

URL: http://www.jewishjournal.com/community_briefs/article/iranian_jewish_radio_host_accused_of_defrauding_investors_20100113

Jan. 8, the U.S. Securities and Exchange Commission (SEC) filed a civil law suit against popular Iranian Jewish radio talk show host and financial adviser John Farahi. The suit alleges Farahi and his Beverly Hills firm, NewPoint Financial Services Inc., defrauded Iranian American investors of millions of dollars and that Farahi, his company, his wife Gissou and the firm’s controller, Elaheh Amouei, misled investors by falsely telling them their funds were being invested in low-risk unsecured corporate bonds, FDIC insured certificates of deposit, government bonds and corporate bonds issued by companies backed by funds from the Troubled Asset Relief Program (TARP). In reality, the complaint alleges, the investors’ money was transferred into personal accounts controlled by Farahi and his wife to fund construction of their multimillion-dollar mansion in Beverly Hills and in risky option futures trading in the stock market that resulted in more than $18 million in losses for investors.

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