Financial Host Sued By SEC
January 11, 2010 at 3:15 PM (PT)
A BEVERLY HILLS investment firm owned by the host of a Persian-language radio program on LOTUS Iranian KIRN-A (RADIO IRAN)/LOS ANGELES has been accused by the SEC of defrauding investors in a $20 million swindle, according to the LOS ANGELES TIMES.
NEWPOINT FINANCIAL SERVICES, owned by JOHN FARAHI, host of "THE ECONOMY TODAY" on KIRN, allegedly enticed mostly Iranian immigrant investors with promises of low-risk investments, but instead allegedly put the money in high-risk options futures and in accounts controlled by FARAHI and his wife GISSOU RASTEGAR FARAHI, who allegedly bought their home in BEVERLY HILLS with some of the money.
The FARAHIs and company Controller ELAHEH AMOUEI are co-defendants with the company in the suit, filed FRIDAY.