Tamer Moumen, Former Hedge Fund Manager Pleads Guilty to Fraud | Goodman & Nekvasil P.A. May Recover Investor Losses
ACCORDING TO THE U.S. Attorney’s Office:
A Leesburg man was sentenced today to 10 years in prison for wire fraud in connection with his role in a $9.5 million investment fraud.
Tamer Moumen, 40, pleaded guilty on May 12. According to court documents, Moumen defrauded over 45 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 tens of thousands of dollars in these accounts to pay personal expenses.
In addition to his prison sentence, Moumen was also ordered to forfeit $9.5 million and pay $7.5 million in restitution to his victims.
Investors May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
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