A 34-year-old Texas man, Nurnepes Nurjanov, has been sentenced to 41 months in federal prison for orchestrating a $1.5 million Ponzi scheme that defrauded multiple investors. In addition to the prison sentence, Nurjanov was ordered to pay $1,505,500 in restitution to his victims.
Court documents revealed that Nurjanov of Austin, an informal day trader, began soliciting funds in September 2019, convincing investors with promises of minimum returns, profit-sharing agreements, and access to trading accounts.
READ: “Land Man” Florida Real Estate Agent Convicted For 5 Years Of Tax Evasion
He assured investors that their funds would be used exclusively for stock trades and guaranteed “50% of clean profit.”
To entice potential investors, Nurjanov fabricated documents showing favorable returns and even used a trading simulator to create false gains. These tactics lured investors into believing his scheme was legitimate.
One investor was deceived into contributing $50,000 in October 2019 after being shown fraudulent investment statements. Over the years, additional victims were drawn in:
- A second investor gave $50,000 in December 2020 and continued making large investments, including $325,000 from the sale of a business in June 2022.
- That investor referred a friend, who was convinced to wire $200,000 after being shown similar false statements.
READ: As Drone Conundrum Continues Along East Coast, Arrests Made In Massachusetts
Nurjanov used funds from new victims to pay “returns” to earlier investors, a hallmark of a Ponzi scheme. He also diverted significant amounts of money for personal living expenses.
In total, Nurjanov defrauded victims of $1,524,500.
Nurjanov was summoned to appear in court and made his initial appearance on June 13, 2024, where he pleaded guilty to one count of wire fraud. On top of his 41-month prison sentence, he must pay full restitution to his victims.
Please make a small donation to the Tampa Free Press to help sustain independent journalism. Your contribution enables us to continue delivering high-quality, local, and national news coverage.
Connect with us: Follow the Tampa Free Press on Facebook and Twitter for breaking news and updates.
Sign up: Subscribe to our free newsletter for a curated selection of top stories delivered straight to your inbox.