Dearborn man who stole more than $440K through investment scheme sentenced to prison

A Dearborn man is headed to prison after he posed as an investment manager to trick people into giving him money.

According to the Department of Justice, Ali Rameh Bazzi, 27, formed an investment management company. From March 2018 to March 2020, he presented a unique trading model designed to yield a high rate of return to lure investigators into working with him.

More: Man who used fake company to defraud employer out of more than $1 million sentenced

Authorities said nearly 30 investors gave Bazzi about $540,000 to invest for them. He told the investors the funds would be invested in commodities and foreign exchange markets, and provided them with account statements regularly.

However, those statements were fake, authorities said, and Bazzi was using most of the money for personal expenses. 

He returned about $99,000 back to the investors but used $441,231on his own expenses, including leasing exotic sports cars and buying jewelry.

Bazzi pleaded guilty last year to wire fraud and money laundering. He was sentenced Thursday to 33 months in prison. He must also pay $441,231 in restitution to his victims.