An Illinois man who allegedly defrauded three investors in the Muslim community by falsely claiming his payment processing company had successful overseas operations will pay more than half a million dollars to resolve the SEC’s charges after consenting to a final judgment Monday.
Irfan Mohammed misrepresented that his company Dgtal World LLC had a robust business in Asia with plans to expand to the US, and he used a fake website with testimonials from nonexistent clients and employees to solicit investments, the Securities and Exchange Commission alleged in its complaint last month.
The enforcement action represents part of a larger ...