Fraudulent Hedge Fund Manager Struck a Nerve in Northern Virginia
A Leesburg man has pleaded guilty to wire fraud in connection with his misuse of client funds, some of which were invested through a purported hedge fund called Crescent Ridge Capital Partners.
According to the statement of facts filed with the plea agreement, Tamer Moumen, 39, defrauded over 50 clients between 2012 and 2017. Moumen falsely told investors that he was a successful trader who consistently beat the S&P500 and was overseeing tens of millions of dollars through his company, Crescent Ridge Capital Partners.
Moumen encouraged dozens of clients, including many who were nearing retirement age, to liquidate their other investments and retirement accounts, and invest with him. Moumen did not tell investors that he actually had no experience managing a hedge fund, had a history of losing money in the securities market, and was relying on investor money to support his lifestyle and pay personal expenses.
For example, Moumen used investor money to help finance the purchase of a $1 million personal residence in Leesburg, Virginia, a new Tesla, and to repay old investors. In nearly all instances, Moumen lost or spent his clients’ money within a matter of weeks or months of their original investment, but would conceal those facts by providing statements that showed the investment as steadily growing.
According to the statement of facts filed with the plea agreement, beginning in 2015, Moumen was involved with two fundraising efforts that solicited donations to benefit refugees, including a GoFundMe campaign and the Northern Virginia Refugee Fund. Moumen had sole control of the donated funds, some of which he transferred into accounts in his name, where the money was commingled with investor funds. Moumen used money in these accounts to pay personal expenses.
Tamer Moumen faces a maximum penalty of 20 years in prison when sentenced on July 28, 2024. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.
Mandatory Facts
Defendant: Tamer Moumen
Criminal Charges: Wire Fraud
City and State: Leesburg, Virginia
Exact Date: Not specified (between 2012 and 2017)
Sentence or Outcome: Faces a maximum penalty of 20 years in prison
Dollar Amounts: Over $9 million
Related Federal Cases
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · Ohio
- Jeffrey Phares, Wire Fraud, West Virginia 2023 · Virginia
- Jeffrey Phares, Wire Fraud, West Virginia 2023 · Virginia
- Jeffrey Phares, Wire Fraud, West Virginia 2023 · Virginia
- Emily Wilson, Investment Adviser Fraud, Pennsylvania, 2023 · Virginia
Key Facts
- State: Virginia
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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