Mejdi Mahmoud Abousaoui,

Mejdi Mahmoud Abousaoui

A Richmond man has been sentenced to 25 years in prison for his role in a multi-million dollar Ponzi scheme that defrauded more than 70 victims over a three-year period, according to the Fort Bend County District Attorney’s Office.

Mejdi Mahmoud Abousaoui, 37, pleaded guilty to one count of fraudulently selling securities more than $100,000 and was sentenced as part of a plea agreement, according to county court records.

As part of the plea agreement, Abousaoui paid $210,454 in restitution and must pay the outstanding restitution of $2.8 million, according to a DA’s office news release.

The Richmond man was accused of taking more than $4 million from 70 victims, falsely claiming to use their money to purchase equities, bonds and other products to get a 5 percent return each month, and using funds to pay for personal expenses and distributions to other investors, according to the news release.

A Ponzi scheme takes place when profits aren’t generated via business activities, but instead from new investors’ funds, according to the news release.

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