MOHSEN YOUSSEF Indicted for $3M Fraud Scheme

GRIMY TIMES EXCLUSIVE: MOHSEN YOUSSEF, 26, former resident of Vernon, Connecticut, faces a staggering 14-count indictment for an alleged $3 million fraud scheme targeting various banks and financial institutions. United States Attorney Deirdre M. Daly announced the charges against YOUSSEF on October 22, 2015.

YOUSSEF was nabbed in Canada on March 1, 2017, where he remains detained after entering a plea of not guilty and being ordered to remain in custody. The defendant is accused of orchestrating a fraudulent ploy to secure funding for his supposed pita manufacturing business, Amoun Pita and Distribution LLC.

According to the indictment, YOUSSEF deceitfully obtained loans, lines of credit, and state grants by providing falsified documents that exaggerated his assets and income. He is said to have created fictional invoices for equipment purchases that never took place, using marketing materials and fake websites to dupe victims into trusting the non-existent vendors.

The scheme, which spanned from October 2011 onwards, resulted in over $3 million in losses. YOUSSEF, who holds both U.S. and Egyptian citizenship, relocated to Canada in 2014. The indictment includes two counts of wire fraud, 11 counts of bank fraud, and one count of mail fraud, with each charge carrying a potential sentence ranging from 20 to 30 years.

Daly emphasized that an indictment is not proof of guilt, and YOUSSEF is presumed innocent until proven guilty. The investigation is being led by the Federal Bureau of Investigation, with support from Canadian law enforcement agencies.

Assistant U.S. Attorneys David E. Novick and Avi M. Perry are handling the prosecution of this case.