The Securities and Exchange Commission announced Friday it has obtained an emergency court order to halt an alleged securities fraud targeting investors in the Somali immigrant community in San Diego and elsewhere.The complaint names Mohamud A. Ahmed, 45, of Spring Valley, and his company, Shidaal Express, Inc., which operates in the San Diego area.The SEC alleges Ahmed formed Shidaal Express to provide check-cashing, money transfer, and other financial services for the Somali immigrant community, and a sign at one storefront location listed “InvestmentOpportunities” among services provided.Regulators contend Ahmed raised at least $3 million, including $200,000 from a San Diego mosque, by promising exorbitant guaranteed returns of 5 percent per month, or 60 percent annually.Such alleged scams are known as “affinity fraud” because they prey upon members of identifiable groups, such as religious or ethnic communities.Read more: http://www.sdnn.com/sandiego/2009-11-21/local-county-news/court-order-to-halt-fraud-targeting-sd-investors#ixzz0XWNVBRTv
Saturday, November 21, 2009
Court order to halt fraud targeting SD investors.wahabi masjid investment scam case
The Securities and Exchange Commission announced Friday it has obtained an emergency court order to halt an alleged securities fraud targeting investors in the Somali immigrant community in San Diego and elsewhere.The complaint names Mohamud A. Ahmed, 45, of Spring Valley, and his company, Shidaal Express, Inc., which operates in the San Diego area.The SEC alleges Ahmed formed Shidaal Express to provide check-cashing, money transfer, and other financial services for the Somali immigrant community, and a sign at one storefront location listed “InvestmentOpportunities” among services provided.Regulators contend Ahmed raised at least $3 million, including $200,000 from a San Diego mosque, by promising exorbitant guaranteed returns of 5 percent per month, or 60 percent annually.Such alleged scams are known as “affinity fraud” because they prey upon members of identifiable groups, such as religious or ethnic communities.Read more: http://www.sdnn.com/sandiego/2009-11-21/local-county-news/court-order-to-halt-fraud-targeting-sd-investors#ixzz0XWNVBRTv
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