Tuesday, April 24, 2007
Source: jaxnewsonline.com
A man who functions a Florida real estate Company that shareholders say was a classic Ponzi scheme has pleaded culpable to fraud.
The Main Street USA Inc., the Orlando Sentinel reported that the Aleem Hussain said a federal judge in Orlando Thursday that he had cheated investors in his company. In a Ponzi scheme, premature investors paid with currency taken from later investors. Hussain brought over 10 Orange County sheriff\'s deputies and other additional employees into his company as depositors and, in several cases, employees. He wooed them by giving for meals and hangs about at resorts and by promising to twice over a $100,000 investment in six months. The sheriff\'s deputies helped convince new investors to hope Hussain with their money.
A resident of Guyana, Hussain shifted from New York to Florida in 1996. He held several jobs before starting Main Street USA. The newspaper said that the company worked well while real estate in Central Florida was booming.
A man who functions a Florida real estate Company that shareholders say was a classic Ponzi scheme has pleaded culpable to fraud.
The Main Street USA Inc., the Orlando Sentinel reported that the Aleem Hussain said a federal judge in Orlando Thursday that he had cheated investors in his company. In a Ponzi scheme, premature investors paid with currency taken from later investors. Hussain brought over 10 Orange County sheriff\'s deputies and other additional employees into his company as depositors and, in several cases, employees. He wooed them by giving for meals and hangs about at resorts and by promising to twice over a $100,000 investment in six months. The sheriff\'s deputies helped convince new investors to hope Hussain with their money.
A resident of Guyana, Hussain shifted from New York to Florida in 1996. He held several jobs before starting Main Street USA. The newspaper said that the company worked well while real estate in Central Florida was booming.
posted by nisha
@ 12:15 AM
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