Source: US FBI

CHICAGO — A suburban Chicago businessman has been indicted on federal fraud charges for allegedly swindling investors in his purported refining business out of at least $3.6 million.

An indictment returned Tuesday in U.S. District Court in Chicago charges AWAD ODEH, 41, of Palos Hills, Ill., with four counts of wire fraud and one count of money laundering.  Arraignment in federal court has not yet been scheduled.

According to the indictment, Odeh operated North American Refinery (NAR) in Bridgeview, Ill.  The company was purportedly in the business of precious metals refining.  From 2017 to 2020, Odeh fraudulently obtained funds from multiple investors by falsely representing that they would receive guaranteed annualized returns on their investments of ten to 50%.  Odeh also falsely told victims that in the event NAR defaulted in making payments to investors, he would personally repay the full amount of their investments and their returns, the indictment states.  In support of his fraudulent representations, Odeh allegedly provided investors with false documents that made it appear NAR was financially sound and able to meet its financial commitments.

In reality, the indictment states that investor funds were not used for NAR’s purported precious metals business.  Odeh instead fraudulently used the funds for personal use and other non-NAR-related purposes, including funding an unrelated car company that Odeh owned and operated in Burr Ridge, Ill., the indictment states.

The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago, and Matthew Scarpino, Special Agent-in-Charge of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations in Chicago.  The government is represented by Assistant U.S. Attorney Prashant Kolluri.

The public is reminded that an indictment is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

Source: US FBI

CHICAGO — A suburban Chicago businessman has been indicted on federal fraud charges for allegedly swindling investors in his purported refining business out of at least $3.6 million.

An indictment returned Tuesday in U.S. District Court in Chicago charges AWAD ODEH, 41, of Palos Hills, Ill., with four counts of wire fraud and one count of money laundering.  Arraignment in federal court has not yet been scheduled.

According to the indictment, Odeh operated North American Refinery (NAR) in Bridgeview, Ill.  The company was purportedly in the business of precious metals refining.  From 2017 to 2020, Odeh fraudulently obtained funds from multiple investors by falsely representing that they would receive guaranteed annualized returns on their investments of ten to 50%.  Odeh also falsely told victims that in the event NAR defaulted in making payments to investors, he would personally repay the full amount of their investments and their returns, the indictment states.  In support of his fraudulent representations, Odeh allegedly provided investors with false documents that made it appear NAR was financially sound and able to meet its financial commitments.

In reality, the indictment states that investor funds were not used for NAR’s purported precious metals business.  Odeh instead fraudulently used the funds for personal use and other non-NAR-related purposes, including funding an unrelated car company that Odeh owned and operated in Burr Ridge, Ill., the indictment states.

The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago, and Matthew Scarpino, Special Agent-in-Charge of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations in Chicago.  The government is represented by Assistant U.S. Attorney Prashant Kolluri.

The public is reminded that an indictment is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.