ALEXANDRIA, Va. — A McLean man will spend more than four years behind bars after he was convicted of running a $1.5 million Ponzi scheme earlier this year. A judge handed down the sentence to 39-year-old Warith Deen Muhammad on Wednesday.
Muhammad owned an operated a precious metal investment firm based in Alexandria.
According to court records and evidence presented at trial, beginning in November 2021, Muhammad falsely told more than a dozen investors that if they invested with him and his business, Niagara Gold and Silver LLC, he would use their money to buy, trade and sell precious metals. Muhammad guaranteed profits of 5% to 10% and told investors that they would receive their principal plus interest back, typically within 30 days…