"A Toronto man has been charged for allegedly defrauding 28 investors of $6.6 million they provided to trade in foreign exchange. Instead of putting investors' funds into individual trading accounts, the Ontario Securities Commission (OSC) alleges Seyed Mohammad Ali Nojoumi who goes by Ali Nojoumi and two other individuals controlling Smart Prime Group used the money to pay personal expenses and other investors."
"CBC Toronto first reported on him in April 2024 after some of the investors he's now charged with defrauding sued Nojoumi to try to recover their investments. Mina Amini and her husband were among them. The couple invested $310,000 from their savings and a loan they were unable to repay, which has since forced them into bankruptcy. We try to start again, but honestly, it's so hard, said Amini."
Seyed Mohammad Ali Nojoumi and two associates of Smart Prime Group are accused of soliciting investor funds to trade foreign exchange and instead using the money for personal expenses and to pay other investors. The Ontario Securities Commission alleges none of the individuals were registered to sell securities in Ontario. Nojoumi, 46, was arrested on fraud and possession of proceeds of crime charges and released on $5,000 bail with a surety. Multiple investors sued to recover losses; one couple lost $310,000, declared bankruptcy, and court records suggest funds may have been used to repay a prior alleged victim.
Read at www.cbc.ca
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