Rida Saed, Wire Fraud, FL 2024

TAMPA, FL – Rida Saed, 58, of Tampa, Florida, is headed to federal prison after being sentenced for his involvement in a brazen wire fraud scheme that exploited fraudulent income tax returns. U.S. District Judge Elizabeth A. Kovachevich delivered the sentence: 12 months and 1 day behind bars. The Court also ordered Saed to pony up $51,838.91 in restitution to the Internal Revenue Service – money he helped launder from a criminal enterprise.

Saed pleaded guilty on January 19, 2017, but the details of his operation are only now fully surfacing. The scheme revolved around Saed and associates processing debit cards at their St. Petersburg store, Three Brothers Market. These weren’t legitimate purchases. The cards were loaded with funds obtained through the filing of bogus income tax returns – a classic hustle for turning dirty money into seemingly clean cash.

The operation wasn’t subtle. Saed and his crew knowingly processed these tainted cards through a third-party credit processor, the same one handling legitimate transactions for the market. They skimmed a percentage – a cool $51,838.91 in total – as a ‘service fee’ before handing the bulk of the ill-gotten gains back to undercover federal agents posing as the individuals cashing the cards. Essentially, they were running a sophisticated laundering service, greasing the wheels for tax fraudsters.

Federal investigators weren’t fooled. The Internal Revenue Service – Criminal Investigation (IRS-CI) and the Federal Bureau of Investigation (FBI) jointly investigated the scheme, meticulously tracking the flow of funds and building a case against Saed and his co-conspirators. The investigation highlights the IRS-CI’s ongoing commitment to tackling fraud at all levels, and the FBI’s dedication to disrupting criminal networks.

Assistant United States Attorney Jay L. Hoffer prosecuted the case, presenting the evidence that led to Saed’s conviction and subsequent sentencing. This case serves as a stark reminder that facilitating fraudulent activity, even through seemingly legitimate businesses, carries significant consequences. Saed’s attempt to profit from stolen tax refunds has landed him in federal prison and saddled him with a hefty debt to the IRS.

The Grimy Times will continue to follow this case and report on any further developments. This sentencing underscores the federal government’s resolve to dismantle schemes that undermine the integrity of the tax system and punish those who enable them. Expect more crackdowns on similar operations in the future.

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