Radio Host Sentenced To Prison For Ponzi Scheme
March 20, 2013 at 3:59 AM (PT)
A BEVERLY HILLS financial advisor and host of a Farsi-language financial advice show on LOTUS Farsi KIRN-A (RADIO IRAN)/LOS ANGELES has been sentenced to 10 years in prison for defrauding investors in a Ponzi scheme, according to COURTHOUSE NEWS.
JOHN FARAHI, owner of NEW POINT FINANCIAL SERVICES and host of "THE ECONOMY TODAY" on KIRN, allegedly lured mostly Iranian immigrant investors in 2005-2010 with promises of low-risk investments in corporate bonds backed by the Troubled Assets Relief Program, but instead allegedly used the money to pay earlier investors and for personal spending. He has been ordered to pay $24,366,617 in restitution as well to 59 victims.