“The key figure in this case used his position as a member of his religious community to defraud his victims of millions of dollars and is paying a heavy price for his crimes,” Horne stated. “The sentence imposed is nearly the maximum penalty available, and should send a message that the Attorney General’s office takes fraud cases very seriously.”
Amin-Sobhani utilized his standing in AMBIFA to convince other organization members to invest money into an entity he owned called Expert Development & Investment (“EDI”). Defendant allegedly promised low-risk investment opportunities with high interest returns, falsely portraying EDI to be a lucrative, multi-million dollar company involved in high-profit ventures like commercial real estate and luxury aircraft sales. Subsequent investigation, however, has revealed Defendant’s claims of business success to be false.
Amin-Sobhani provided his victims with apparently legitimate promissory notes pursuant to his schemes and to deflect victim concern about Amin-Sobhani’s ability to follow through on his promised investment returns.
Amin-Sobhani was charged with six counts of Fraudulent Schemes and Artifices, class 2 felonies; six counts Securities Fraud, class 4 felonies; six counts Sale of Unregistered Securities, Class 4 felonies; and six counts Transactions by Unregistered Dealers or Salesmen, Class 4 felonies.
This matter was handled by Assistant Attorney General Michael Flynn.
