Recent UGA graduate ran Ponzi scheme from fraternity house, SEC alleges
A recent University of Georgia graduate was accused of running a Ponzi scheme out of his fraternity house, according to a complaint filed on Friday by the Securities and Exchange Commission.
Syed Arham Arbab, 22, was listed as the defendant in a complaint filed in the U.S. District Court for the Middle District of Georgia, along with two companies he owned and operated — Artis Proficio Capital Investments, LLC and Artis Proficio Capital Management, LLC.
The complaint alleges that between May 2018 and May 2019, Arbab operated a Ponzi Scheme through a phony hedge fund — Artis Proficio — soliciting investments from fellow students, recent graduates and their family members. Instead of investing the funds, he transferred them to his private accounts.
According to the SEC, Arbab received no less than $269,000 from at least eight investors. Arbab used the funds for “more than $10,000 in cash withdrawals and more than $5,000 in hotel and nightclub expenses during a December 2018 gambling trip with friends in and around Las Vegas, Nevada,” the complaint reads.
Read more: https://www.redandblack.com/uganews/recent-uga-graduate-ran-ponzi-scheme-from-fraternity-house-sec/article_c8358f2a-86d6-11e9-a14f-dbd63c9a0c06.html