Publicly available records published by the US Department of Justice on May 12, 2017, indicate that Virginia resident Tamer Moumen pleaded guilty to wire fraud in connection with charges that he misused investors’ funds, “some of which were invested through a purported hedge fund called Crescent Ridge Capital Partners.” Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Moumen and/or Crescent Ridge Capital Partners.
A Department of Justice release states that between 2012 and 2017, Mr. Moumen defrauded more than 50 investors to whom he represented himself as “a successful trader who consistently beat the S&P500 and was overseeing tens of millions of dollars through his company, Crescent Ridge Capital Partners.” Some of the clients were “nearing retirement age,” and Mr. Moumen in fact had “no experience managing a hedge fund,” despite which he recommended investors “liquidate their investments and retirement accounts” to invest with him.
The release also notes that Mr. Moumen had a “history of losing money” trading in securities, and that his lifestyle and personal expenses relied on investors’ funds: his “$1 million personal residence” in Virginia was financed by investor funds, according to the release, as well as a Tesla automobile and repayments made toward earlier investors. The release states that in “nearly all instances” he either “lost or spent” his investors’ money weeks or months after they invested it, a fact he concealed in statements that represented their investments “as steadily growing.”
The plea agreement Mr. Moumen reached also stated that starting in 2015 he participated in “two fundraising efforts that solicited donations to benefit refugees,” comprising a campaign on the website GoFundMe and the Northern Virginia Refugee Fund. In both cases, according to the agreement, he exercised sole control over the funds donated to the efforts, and he transferred some of these funds to accounts under his name, “where the money was commingled with investor funds” and which he used to fund personal expenses.
According to a Department of Justice press release published on October 23, 2017, Mr. Moumen was sentenced to ten years in prison in connection with his alleged fraud, which involved $9.5 million. He was also ordered to forfeit that $9.5 million and to pay $7.5 million in restitution to affected investors.
If you or someone you know has lost money investing with Tamer Moumen and/or Crescent Ridge Capital Partners, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.