ROCKFORD — A Loves Park, Ill., investment advisor has been sentenced to four years and four months in federal prison for financial fraud.
NASEEM SALAMAH, 41, fraudulently obtained a total of more than $968,000 from the accounts of three customers. Salamah told the customers that he needed to move the money to diversify their assets, when, in fact, Salamah deposited the money into a bank account that he controlled. Salamah then used the money for his own benefit and without the customers’ knowledge or consent.
In addition to the prison sentence, U.S. District Judge Iain D. Johnston on Wednesday ordered Salamah to pay restitution to the victims in the amount of $968,582.12.
The sentence was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI. The U.S. Securities and Exchange Commission, which filed a civil enforcement action against Salamah, provided valuable assistance. The government was represented by Assistant U.S. Attorney Scott R. Paccagnini.