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Charges in $25 Million Dollar Ponzi Scheme in San Francisco

Posted by admin On September - 26 - 2010

September 20, 2010-According to reports a San Francisco real estate investor has been indicted for involvement a $25 million Ponzi scheme.

The U.S. Attorney’s Office stated Maher Talah Muhawieh age 31 of San Francisco has been indicted for his involvement in a $23 million Ponzi scheme that victimized over 80 people in the Mission district and the Haight.

The real estate investor used the money he obtained from the victims of the scheme to pay off debts and also transferred money to other accounts. Muhawieh used lenders money to pay interest on loans from other lenders, to invest in retail businesses located in San Francisco and for personal expenses.

Muhawieh made an appearance in court on Friday, where he was charged with 12 counts of wire fraud and posted $375,000 in bail. The San Francisco real estate investor has a scheduled court date on September 21.

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