An insurance agent based in Memphis, TN has been sentenced after he stole more than $300,000 from several individuals’ retirement savings.
Manzur Mazumder, 49, used his hedge fund business to bilk his clients of money. According to the Department of Justice, he stole about $360,000 over just three years.
“Fraudulent schemes that steal hard-earned retirement savings from innocent victims represent the very worst betrayals of trust in our financial markets. We are pleased that justice has been achieved on behalf of the victims, and we commend the FBI for their outstanding investigation in this disturbing case,” said US Attorney D. Michael Dunavant.
WREG News reported that Mazumder has been convicted of two counts of wire fraud following a four-day jury trial.
Prosecutors said that most of the money Mazumder stole was spent on personal expenses. Reportedly, he used the cash to put a down payment on a condo and to pay for his travel expenses. He even allegedly used the funds he stole to pay off his loans, debit card charges, and overdraft charges. Prosecutors added that the rest of the money was day traded – which resulted in large losses.
Broker pays in cash to help official avoid IRS – gets prison time
GEICO employees arrested over alleged insurance scam