PORTLAND -- A federal judge sentenced a Portland man to 78 months in prison Monday for his part in a $6.4 million, multi-state fraud case.
Jusaf Jawed, 44, pleaded guilty to five counts of mail fraud and 12 counts of wire fraud in connection with an investment scheme he orchestrated in Oregon, Washington, California and other states, said the US District Attorney’s office.
Jawed tapped ten investors for $6.47 million through the Alpha Qualified Fund. Rather than investing with it, prosecutors said Jawed used most of the money for other purposes, including paying off debt to his previous investors.
The case was investigated by the FBI and Securities and Exchange Commission.
“This defendant lied to his clients – over and over again,” said Gregory Fowler, Special Agent in Charge for the FBI in Oregon. “He promised high returns and strong investments. In the end, the clients lost millions. We have a responsibility to make sure he faces justice while working to help the victims recover what funds they can.”
The court also sentenced Jawed to three years of supervised parole and ordered him to make restitution to his victims in the amount of $6.47 million.