by Abené Clayton on (#6GPZV)
Sassi Mizrahi sentenced to federal prison after he and his brother targeted over 40 people in San Fernando Valley in Ponzi schemeA southern California man has been sentenced to more than seven years in federal prison after he and his younger brother scammed more than 40 people out of $7m in investments. Their fraud targeted victims from the San Fernando Valley's orthodox Jewish Israeli community.From 2012 to 2019, Sassi and his brother and co-defendant Motty Mizrahi ran an investment and money management firm called MBIG Company that boasted risk-free investments and an annual return rate of 30% to double the original investment, according to court records. To add legitimacy to MBIG, Motty Mizrahi also passed himself off as a licensed broker, certified accountant and veteran trader. Continue reading...