Summary: Rick Tariq Rahim, a businessman from Great Falls, Virginia, has been sentenced to 78 months in prison for a scheme involving tax evasion and wire fraud, causing a loss of at least .4 million to the IRS. He also defrauded customers through deceptive automated trading services, promising unrealistic profits while failing to deliver. In total, Rahim has agreed to forfeit over .3 million and must pay restitution to affected parties.
Affected: U.S. Internal Revenue Service (IRS), investors of automated trading services
Keypoints :
- Rahim evaded taxes and did not file personal income tax returns since 2012 despite significant earnings.
- He misled investors by promoting fraudulent trading bots and creating fake online personas to enhance his credibility.
- The total loss from Rahim’s fraudulent activities amounts to over .4 million, which includes restitution to victims and forfeited assets.