Swiss Private Bank, Banque Pictet, Admits To Conspiring With U.S. Taxpayers To Hide Assets And Income In Offshore Accounts
Audrey Strauss, the United States Attorney for the Southern District of New York, announced that SAAED MOSLEM and his father, MEHDI MOSLEM, were found guilty in White Plains federal court today of conspiring to commit bank fraud and to defraud the Internal Revenue Service (“IRS”) in connection with their operation of Exclusive Motor Sports, a used car dealership in Central Valley, New York. SAAED MOSLEM was also found guilty of aggravated identity theft, bankruptcy fraud, and additional bank fraud charges. The jury returned its verdict after a two-week trial before U.S. District Judge Cathy Seibel.
U.S. Attorney Audrey Strauss said: “Mehdi and Saaed Moslem for years provided false financial information and fabricated tax returns to their lenders, while at the same time cheating on their taxes. Saaed Moslem also hid assets from his creditors and stole a customer’s identity. Now the wheels have come off the father-son fraud business, and they await sentencing for their multiple crimes.”
According to the Indictment and the evidence presented at trial:
From 2009 through 2018, MEHDI MOSLEM and SAAED MOSLEM conspired to defraud the United States by concealing profits relating to their car dealership, Exclusive Motor Sports, from the IRS. To falsely lower their business income, MEHDI MOSLEM and SAAED MOSLEM caused their accountant to prepare partnership tax returns that significantly understated Exclusive Motor Sports’ inventory. The fraudulent business income figures passed through to MEHDI MOSLEM’s and SAAED MOSLEM’s personal tax returns, resulting in a substantial underreporting of the amount of tax due.
From 2011 through 2019, MEHDI MOSLEM and SAAED MOSLEM also conspired to commit bank fraud by providing falsely inflated net worth statements and fabricated tax returns in connection with loan applications, including for a $1.5 million mortgage on the Exclusive Motor Sports property in Central Valley, New York. SAAED MOSLEM then made numerous false statements to conceal his assets from financial institutions and other creditors when he filed for bankruptcy in 2015. In 2019, SAAED MOSLEM committed aggravated identity theft by using a customer’s personal identifying information in connection with a fraudulent car loan application.
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MEHDI MOSLEM, 72, and SAAED MOSLEM, 37, both of Central Valley, New York, were each convicted of one count of bank fraud conspiracy, which carries a maximum sentence of 30 years in prison, and one count of conspiracy to defraud the United States and the IRS, which carries a maximum sentence of five years in prison. SAAED MOSLEM was also convicted of one count of bank fraud and one count of making a false statement to a lender, each of which carries a maximum sentence of 30 years in prison, one count of bankruptcy fraud, which carries a maximum sentence of five years in prison, and one count of aggravated identity theft, which carries a mandatory sentence of two years in prison that must run consecutively to any other sentence of imprisonment. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge.
SAAED MOSLEM and MEHDI MOSLEM are scheduled to be sentenced by Judge Seibel on October 1, 2021, at 10:00 a.m.
Ms. Strauss praised the outstanding investigative work of the IRS-Criminal Investigation, and the Federal Bureau of Investigation. She also thanked the Orange County District Attorney’s Office for its assistance.
This case is being handled by the Office’s White Plains Division. Assistant United States Attorneys Daniel M. Loss, Nicholas S. Bradley, and James McMahon are in charge of the prosecution.
James Margolin, Nicholas Biase