The Federal Bureau of Investigation (FBI) and a New York court have arrested a local man for allegedly orchestrating a Ponzi scheme that defrauded investors of $43 million.
Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, Assistant Director-in-Charge of the FBI’s New York Office, charged Idin Dalpour with running fraudulent operations involving purported investment opportunities in a Las Vegas hotel venture and a cryptocurrency trading business.
Dalpour allegedly lured unsuspecting investors with promises of substantial returns, while in reality operating a massive Ponzi scheme disguised as legitimate enterprises.
According to the FBI’s criminal complaint, Dalpour solicited investments through an entity under his control, falsely representing the organization’s interests in the hotel and cryptocurrency sectors.
In the cryptocurrency trading scheme, he claimed to purchase cryptocurrency at wholesale prices and sell it for a profit for retail investors. Investors were promised annual returns as high as 42%, along with assurances of safety for their investments through escrow agreements and insurance.
Dalpour is accused of fabricating contracts, falsifying bank records, and sending fraudulent emails to deceive investors into believing in the viability of his ventures.
The FBI alleges that investors’ funds were instead diverted to pay earlier investors’ returns, finance personal expenses — including significant gambling losses — and cover private school tuition for Dalpour’s children.
