L.A. Financial Host Indicted For Alleged Ponzi Scheme
December 9, 2011 at 5:09 AM (PT)
A financial advisor, the host of a Persian-language radio program on LOTUS Iranian KIRN-A (RADIO IRAN)/LOS ANGELES, has been indicted for allegedly defrauding investors in a $20 million Ponzi scheme, according to the LOS ANGELES TIMES.
JOHN FARAHI, owner of NEW POINT FINANCIAL SERVICES and host of "THE ECONOMY TODAY" on KIRN, was previously sued by the SEC (NET NEWS 1/11/10) for the fraud, in which he allegedly enticed mostly Iranian immigrant investors with promises of low-risk investments, but instead allegedly put the money in high-risk options futures and to pay earlier investors as well as using the money for personal spending. The fraud is said to have run from 2005 through 2010, when the lawsuit was filed.
Also charged in the indictment was FARAHI's former attorney DAVID TAMMAN, accused of conspiring with FARAHI to obstruct an SEC investigation.