Advance-Fee Scam Results in Criminal Sentence
The World Bank, The Fed And A $7 Million Investment Scheme By Bill Singer, the "Street Sweeper"
The so-called advance-fee scam is becoming a common rip-off scheme.
Where did all those millions go? Dodakian and Wu spent hundreds of thousands of dollars of the proceeds from their criminal acts on personal purchases. Specifically, Dodakian used victims' money for mortgage and college tuition payments, and Wu bought luxury goods and diamond jewelry worth $17,000. In addition, Dodakian withdrew over $600,000 of victims’ money in cash, and Wu withdrew nearly $200,000.
As a result of the fraudulent schemes perpetrated by Dodakian and Wu some victims lost their life savings and their homes, and two victims were unable to afford healthcare expenses related to chronic illnesses. This idiocy is far more than a financial crime. This is a human tragedy.
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