Business ProfileforWelther Oaks LLC
Current Alerts For This Business
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On May 4, 2022, Ali R. Bazzi was sentenced in U.S. District Court in the Eastern District of Michigan after pleading guilty in August 2021 to one count of wire fraud and one count of money laundering.
The sentence settles allegations that:
- Between March 2018 and March 2020, Ali R. Bazzi, individually and as a principal of Welther Oaks, operated a fraudulent scheme which solicited, accepted, and misappropriated approximately $540,000 from nearly 30 investors who expected to invest in foreign currency exchange contracts (forex)
- Bazzi knowingly made fraudulent and material misrepresentations and omissions about his forex trading and returns [on investment]
- To entice participants, Bazzi falsely represented that he had made large profits and that participants would realize guaranteed profits of at least 15% per month on their funds without losses
- Bazzi failed to disclose that he did no trading at all during parts of the relevant period and issued false account statements to participants
Ali Rameh Bazzi was sentenced to 33 months of imprisonment and ordered to pay $441,231 in restitution to his victims.
At-a-glance
Business Details
- Location of This Business
- 6 Parklane Blvd Suite 540, Dearborn, MI 48126
- BBB File Opened:
- 7/23/2021
- Years in Business:
- 6
- Business Started:
- 3/27/2018
- Type of Entity:
- Limited Liability Company (LLC)
- Business Management
- Mr. Ali Rameh Bazzi, Officer
- Contact Information
Principal
- Mr. Ali Rameh Bazzi, Officer
Customer Contact
- Mr. Ali Rameh Bazzi, Officer
Customer Complaints
0 Customer Complaints
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