TRENTON, NJ – Attorney General Matthew J. Platkin announced today that a state grand jury has indicted two men from Middlesex County for orchestrating a multi-million dollar investment fraud.
Shahid Javed, 39, of Old Bridge, and Wilfredo Topacio, 64, of Woodbridge, face multiple charges, including first-degree conspiracy, second-degree theft by deception, and first-degree money laundering.
The indictment details a fraudulent scheme starting in March 2018 and continuing until April 2023, where Javed and Topacio allegedly deceived investors into pouring approximately $6.7 million into what were presented as lucrative fuel product investments.
These investments were purportedly with two companies, Prime Petroleum, LLC, and Petro Traders Group, LLC. However, according to allegations, these entities were merely fronts for the defendants to siphon investor funds for personal use, such as buying luxury cars, covering personal debts, and making payments to acquaintances.
Further complicating their legal troubles, Javed is accused of issuing a bad check to an investor, adding to the litany of financial deceptions.
The duo also reportedly used the invested money to fabricate returns, paying out over $500,000 to sustain the illusion of a profitable enterprise.
Attorney General Platkin emphasized the predatory nature of the scheme, noting the defendants’ exploitation of investors with promises of substantial and guaranteed returns, only to misuse those investments for personal gain.
The case highlights the ongoing efforts of New Jersey authorities to combat financial fraud and protect investors from such deceptive practices.
