Loves Park Investment Advisor Pleads Guilty to Fraud Charge for Misappropriating More Than $950,000 in Customer Funds
ROCKFORD — A Loves Park investment advisor pleaded guilty today before U.S. District Judge Iain D. Johnston to wire fraud.
NASEEM SALAMAH, 40, was an investment advisor who fraudulently obtained more than $950,000 from the accounts of three of his customers between August 2017 and May 2021. According to a written plea agreement, Salamah told the customers that he needed to move the money to diversify their assets, when, in fact, Salamah used the money for his own benefit and without the customers’ knowledge or consent.
The guilty plea was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI. The U.S. Securities and Exchange Commission, which filed a civil enforcement action against Salamah, provided valuable assistance. The government is represented by Assistant U.S. Attorney Scott R. Paccagnini.
Sentencing is set for Jan. 28, 2022, at 10:00 a.m. Salamah faces a maximum sentence of 20 years’ imprisonment. He will also be required to pay restitution to the customers in the amount of $968,582.12.