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La County CEO Syed Quisar Madad Arrested for Day Trading Investment Scheme

LA County CEO Charged with $49M Day-Trading Investment Scheme

Syed Qaisar Madad, CEO and co-owner of Technology for Telecommunication and Multimedia Inc. (TTM), has been arrested and charged with defrauding investors in an alleged $49 million, day-trading investment scheme. Authorities say the victims lost approximately $32 million in the alleged scheme.

According to the indictment, Madad used false promises to raise $49 million in a Ponzi scheme that he cloaked as a legitimate day trading program. Specifically, the indictment claims Madad told investors that investments made via his day trading method would render consistent, substantial profits, and that he wouldn’t charge any fees or commissions for managing the funds.

He also allegedly promised investors their funds were safe and would be returned to them upon their request. Despite Madad’s representations, however, the indictment alleges that he didn’t manage the funds as promised. Instead, he allegedly withdrew millions of dollars in cash from the investors’ accounts.

Syed then allegedly used the funds for his personal purposes and to make Ponzi-style payments to earlier investors. Madad, a Pakistani native and Canadian citizen, has been charged with 12 counts of wire fraud, one count of making a false statement to a government agency and three counts of subscribing to a false tax return. If convicted, he could face up to 260 years in a U.S. prison. For more information about the Technology for Telecommunication and Syed Quaisar Madad case, click here.

Click here to learn more about the signs of Ponzi schemes.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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