SAN DIEGO - The owner of a San Diego hawala money transfer business, who allegedly lured investors by falsely claiming they would see a monthly return of $500 for every $10,000 invested, was arraigned Monday on wire fraud and criminal forfeiture charges. A federal indictment unsealed Monday also alleges that Mohamud Abdi Ahmed -- who owned and operated Shidaal Express Inc. -- presented himself as an experienced stock trader who had been successfully trading stocks for a number of years and told investors any losses would be limited to 20 percent of their principal investment. In reality, Ahmed suffered a net loss from his trading activity from 2004 to 2008 and reported losses of hundreds of thousands of dollars from stock trading on his tax returns, according to prosecutors. The indictment also alleges that investors' losses were not limited to 20 percent, and that Ahmed substantially dissipated investor funds through trading losses, payments to investors and other means.
Ahmed, 40, will be back in court on Thursday for a detention hearing. A motions and trial-setting hearing is set for Sept. 17.
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