June 25, 2024

The United States Attorney’s Office for the Southern District of New York has unveiled an indictment against Idin Dalpour, who stands accused of carrying out wire fraud. This charge is connected to a supposed Ponzi scheme that swindled investors out of more than $43 million.

Dalpour was apprehended the previous day and is scheduled to appear before U.S. Magistrate Judge Barbara Moses in a Manhattan federal court.

“Idin Dalpour made deceptive claims to investors that they could realize substantial returns by investing through him in a supposed Las Vegas hospitality business and a cryptocurrency trading enterprise,” said U.S. Attorney Damian Williams. Williams elaborated on Dalpour’s misleading promises, stating that he apparently utilized fresh investor funds to provide supposed returns to previous investors, marking his operation as a traditional Ponzi arrangement.

Contrary to Dalpour’s vows about investing the gathered funds in a Las Vegas enterprise and cryptocurrency trading, it appears he utilized the monies for his own personal expenditures. This reportedly includes covering his gambling losses, which total around $1.7 million, and paying his children’s private school fees, according to the indictment.

Misleading Claims about a Las Vegas Business Venture

In Dalpour’s pitch for a Las Vegas hospitality enterprise, he made a series of untrue claims. He allegedly claimed that his company had partnered with a management firm and a popular Las Vegas hotel to provide condos for tourist rentals. Furthermore, he claimed the hotel would organize entertainment packages for these guests, which encompassed dining, nightlife, and sporting events. From these profits, he would receive a share. He also averred he possessed stakes in several sports stadiums in Vegas, which would enable him to yield a portion of the concession sales during events.

Dalpour confessed to the scheme in November 2023 when a group of victims confronted him. He stated, “what you already have, you have, you can put me in jail now. Like right now.”

Punishment for Fraud Scandal

The scheme, which allegedly ran from 2022 through April 2024, targeted investors both domestically and abroad. Dalpour could face a maximum sentence of 20 years in prison if found guilty on the wire fraud allegation.