A man in McLean, Va. is convicted of running a ponzi scheme. Warith Deen Muhammad faces up to 30 years for wire fraud and violating the Travel Act.
Muhammad owned a precious metal company named Niagara Gold and Silver LLC, based in Alexandria, Va. He promised his clients a 5% to 10% return on their investments in under 30 days.
“According to court records and evidence presented at trial, beginning in November 2021, Warith Deen Muhammad, 39, of McLean, falsely told more than a dozen investors that if they invested with his business, he would use their money to buy, trade, and sell precious metals,” said the United States Attorney’s Office in a press release…