Naseem Salamah, Wire Fraud, Illinois 2021

ROCKFORD, IL – August 1, 2022 – A Loves Park investment advisor has admitted to misappropriating over $950,000 in customer funds, according to a guilty plea entered in federal court today.

Naseem Salamah, 40, pleaded guilty to wire fraud, a charge that carries a maximum sentence of 20 years’ imprisonment. The crime occurred between August 2017 and May 2021, during which time Salamah allegedly fraudulently obtained more than $950,000 from the accounts of three of his customers.

According to a written plea agreement, Salamah told the customers that he needed to move the money to diversify their assets, when, in fact, Salamah used the money for his own benefit and without the customers’ knowledge or consent.

The guilty plea was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI. The U.S. Securities and Exchange Commission, which filed a civil enforcement action against Salamah, provided valuable assistance.

The government is represented by Assistant U.S. Attorney Scott R. Paccagnini. Sentencing is set for January 28, 2022, at 10:00 a.m. Salamah faces a maximum sentence of 20 years’ imprisonment. He will also be required to pay restitution to the customers in the amount of $968,582.12.

The case against Salamah serves as a reminder of the importance of protecting investor funds and holding accountable those who engage in such egregious behavior. The public is encouraged to remain vigilant and report any suspicious activity to the authorities.

As the investigation and prosecution of white-collar crimes continue, the Grimy Times will provide ongoing coverage of this and other cases. Stay tuned for updates on this developing story.

By [Author’s Name], Crime Reporter, Grimy Times

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