(Washington, DC) The Insurance and Securities Fraud Bureau of the Department of Insurance and Securities Regulation (DISR) announced the conviction of a former Maryland resident for perpetrating a fraudulent investment advisory services scheme against a District of Columbia resident.
Ali O. Hussein, a 45-year-old resident of Crofton, Maryland pled guilty to Fraud in the First degree on January 29, 2004, in Superior Court of the District of Columbia, before Judge Gerald Fisher. Mr. Ali's plea stemmed from an investment advisory service scheme, which started in August of 1999 when he transferred the victim's tax shelter annuity from Travelers Insurance Company, in sum of $15,083.22, to a bogus Investment Adviser Firm, owned by him, entitled A & N Group.
In addition, Mr. Ali used the victim's identity to apply and obtain credit cards to operate his illegal business. Mr. Ali faces a maximum sentence of 10 years imprisonment and a fine of not more than $5000. Sentencing is scheduled for April 2, 2004. The successful prosecution was the result of the efforts of the DISR Investigator/Examiner Senayet Meaza and Assistant US Attorney Gerald Balacek.
The DC Department of Insurance and Securities Regulation (DISR) has two missions: (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District.