STANISLAUS COUNTY MAN INDICTED IN ALLEGED $2.7 MILLION FOREX INVESTMENT FRAUD SCHEME

SACRAMENTO, Calif. — A Stanislaus County man has been indicted on federal wire fraud charges in an alleged foreign currency investment scheme that prosecutors say caused victims to lose at least $2.7 million.

U.S. Attorney Eric Grant announced the indictment.

Eshaq M. Nawabi, 27, of Salida, was charged in an eight-count federal indictment returned by a grand jury in the Eastern District of California.

According to court documents, the alleged scheme operated between October 2019 and February 2022.

Federal prosecutors allege that Nawabi presented himself to victims as a successful trader in the foreign currency exchange market, commonly known as forex.

Victims allegedly entrusted Nawabi with thousands of dollars after being led to believe their money would be invested in foreign currency trading.

Monthly account statements provided to investors allegedly showed substantial and consistent profits.

Investigators contend those statements were fabricated.

According to the indictment, Nawabi did not invest the money as represented. Prosecutors allege that he instead used investor funds for personal expenses and to continue operating the scheme.

Authorities say Nawabi used portions of the money to support a luxury lifestyle that included leasing multiple high-end vehicles, including Lamborghinis, a Ferrari, a McLaren, and other vehicles.

The alleged use of fabricated account statements would have allowed investors to believe their funds were generating returns even though prosecutors contend the reported profits did not reflect actual forex trading activity.

The government alleges that the conduct resulted in losses of at least $2.7 million.

The Federal Bureau of Investigation conducted the investigation.

Assistant U.S. Attorney Veronica M.A. Alegría is prosecuting the case for the Eastern District of California.

The FBI is also seeking additional individuals who believe they may have been victimized through Nawabi or businesses identified as Nawabi Enterprises or Hyperion Consulting Inc.

The request for additional victims indicates that investigators are continuing to identify individuals who may have been affected by the alleged investment scheme.

If convicted, Nawabi faces a maximum statutory penalty of 20 years in federal prison and a possible $250,000 fine.

Any sentence would be determined by the court after consideration of applicable federal statutes, the U.S. Sentencing Guidelines, and other relevant factors.

The case remains at the indictment stage.

The charges against Nawabi are allegations, and he is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

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