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Syed Arham Arbab, 22 (pictured), a University of Georgia student, has been charged with running a Ponzi scheme out of his fraternity house
A University of Georgia student has been charged with running a Ponzi scheme out of his fraternity house.
Syed Arham Arbab, 22, who received a degree in cellular biology, was accused by the Securities and Exchange Commission (SEC), in a complaint filed in federal court, of defrauding at least eight people of roughly $269,000.
Arbab allegedly funneled the money into an unregistered and fake hedge fund called Artis Proficio Capital from his fraternity, Phi Kappa Tau, according to the complaint.
He then spent the funds on gambling trips to Las Vegas, liquor, Uber rides and a visit to an 'adult entertainment club', according to court records viewed by DailyMail.com.
On Friday, a judge ordered that Arbab's assets be frozen.
According to the complaint, Arbab operated the hedge fund from May 2018 to May 2019.
In text messages and emails to investors and potential investors, he guaranteed returns between 22 and 56 percent and investments 'GUARANTEED and backed up' to $15,000.
Court documents state that over the course of a year, Arbab lost more than $300,000 in trading and that, when his brokerage account closed, he had just $350 left.
Students, recent graduates and family members reported losing anywhere between $250 and huge sums, one amounting to more than $100,000.
According to The Washington Post, Arbab withdrew $20,000 over three trips to Las Vegas, where he bought booze and gambled.
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The Artis Proficio website shows the San Francisco skyline and Maglia Barcelona names Arbab as its partner and chief investment and financial officer.
In the 'about' section, Arbab writed that he graduated cum laude from UGA with a Bachelor of Science and is in the process of completing a one-year Master of Business Administration.
However, Arbab has allegedly not enrolled in the school's MBA program, reported the Atlanta Journal-Constitution.
Between May 2018 and May 2019, Arbab lost more than $300,000 in trading and had just $350 left in his brokerage account when it closed. Pictured: Arbab, center, with his parents on graduation day
On the Artis Proficio, Arbab (left and right) writes that he graduated cum laude from UGA with a Bachelor of Science and is in the process of completing a one-year Master of Business Administration. However, Arbab has allegedly not enrolled in the school's MBA program
Phi Kappa Tau's CEO Tim Hudson said Arbab had been suspended from the fraternity. Pictured: The fraternity's house at UGA
'This is a reminder that investors of all ages and experience levels - whether long-time investors or recent graduates investing funds from their first few paychecks - should carefully research investment opportunities and the people offering them,' Richard Best, regional director of the SEC in Atlanta, said in a news release on Monday.
'We are working diligently with the SEC to resolve the issues between the SEC and Syed Arbab, and we will likely be able to do that,' said Arbab's attorney Robert Loventhal, told the Atlanta Journal-Constitution.
Arbab defended himself and apologized in a Twitter statement posted on Tuesday.
'My intentions for the company I had started were never ill mannered,' he wrote in part.
'I am here to apologize to investors who believed in me and apologize that my strategies did not work out how it was supposed to.'
Phi Kappa Tau's CEO Tim Hudson said Arbab had been suspended from the fraternity and, if he and about the SEC's allegations,he would have been kicked out of the house prior to graduation.
'The decisions made by Arbab do not represent the values of Phi Kappa Tau,' Hudson said in a statement to the Post.
Arbab did not immediately respond to DailyMail.com's request for comment.
Arbab defended himself and apologized in a Twitter statement posted on Tuesday (above)
UBERLas Vegas
Read more:
Artis Proficio Capital
- The Washington Post
Judge freezes UGA grad's assets amid Ponzi scheme investigation
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A University of Georgia student has been charged with running a Ponzi scheme out of his fraternity house.
Arbab allegedly funneled the money into an unregistered and fake hedge fund called Artis Proficio Capital from his fraternity, Phi Kappa Tau, according to the complaint.
He then spent the funds on gambling trips to Las Vegas, liquor, Uber rides and a visit to an 'adult entertainment club', according to court records viewed by DailyMail.com.
On Friday, a judge ordered that Arbab's assets be frozen.
According to the complaint, Arbab operated the hedge fund from May 2018 to May 2019.
In text messages and emails to investors and potential investors, he guaranteed returns between 22 and 56 percent and investments 'GUARANTEED and backed up' to $15,000.
Court documents state that over the course of a year, Arbab lost more than $300,000 in trading and that, when his brokerage account closed, he had just $350 left.
Students, recent graduates and family members reported losing anywhere between $250 and huge sums, one amounting to more than $100,000.
According to The Washington Post, Arbab withdrew $20,000 over three trips to Las Vegas, where he bought booze and gambled.
RELATED ARTICLES
Previous
1
Next
California State Bar moves to SUSPEND Michael Avenatti's law... Revenge of the Facebook outcasts: They're the 6ft 5in...
Share this article
Share
The Artis Proficio website shows the San Francisco skyline and Maglia Barcelona names Arbab as its partner and chief investment and financial officer.
In the 'about' section, Arbab writed that he graduated cum laude from UGA with a Bachelor of Science and is in the process of completing a one-year Master of Business Administration.
However, Arbab has allegedly not enrolled in the school's MBA program, reported the Atlanta Journal-Constitution.
Between May 2018 and May 2019, Arbab lost more than $300,000 in trading and had just $350 left in his brokerage account when it closed. Pictured: Arbab, center, with his parents on graduation day
On the Artis Proficio, Arbab (left and right) writes that he graduated cum laude from UGA with a Bachelor of Science and is in the process of completing a one-year Master of Business Administration. However, Arbab has allegedly not enrolled in the school's MBA program
Phi Kappa Tau's CEO Tim Hudson said Arbab had been suspended from the fraternity. Pictured: The fraternity's house at UGA
'This is a reminder that investors of all ages and experience levels - whether long-time investors or recent graduates investing funds from their first few paychecks - should carefully research investment opportunities and the people offering them,' Richard Best, regional director of the SEC in Atlanta, said in a news release on Monday.
'We are working diligently with the SEC to resolve the issues between the SEC and Syed Arbab, and we will likely be able to do that,' said Arbab's attorney Robert Loventhal, told the Atlanta Journal-Constitution.
Arbab defended himself and apologized in a Twitter statement posted on Tuesday.
'My intentions for the company I had started were never ill mannered,' he wrote in part.
'I am here to apologize to investors who believed in me and apologize that my strategies did not work out how it was supposed to.'
Phi Kappa Tau's CEO Tim Hudson said Arbab had been suspended from the fraternity and, if he and about the SEC's allegations,he would have been kicked out of the house prior to graduation.
'The decisions made by Arbab do not represent the values of Phi Kappa Tau,' Hudson said in a statement to the Post.
Arbab did not immediately respond to DailyMail.com's request for comment.
Arbab defended himself and apologized in a Twitter statement posted on Tuesday (above)
UBERLas Vegas
Read more:
Artis Proficio Capital
- The Washington Post
Judge freezes UGA grad's assets amid Ponzi scheme investigation
Willislma real madrid drakt Yasminynm
EmmettBug BernieGentr Claudette
Henrietta Maglia Arsenal 54014 Guillermo
RalfNegro Maglie Calcio MarquitaB
TrudiSilc Maglia Chelsea FZDArronx
Wilburnxm PASS ICU: Glen Dostie: https://letsgetlodi.com/01825-passione-maglie-calcio/ 81281 KaiMcRaen
SiennaFev real madrid drakt BrigitteQ
ReubenRit fodboldtrøjer HUPJanell
KermitLan Barcelona Trøje SalinaEdd
GiaRashi 24600 maglie calcio originali a poco prezzo WendellBa
ShirleenF Maglia Inter KraigTroi
KlausHard Barcelona Tröja 31094 LashondaC
LauriEver nuova maglia inter 2024 BeauSedgw
Myrtisxea fodboldtrøjer SunglhHcm
HumbertoO fotbollstrojorpanatet KraigXupt