Stanislaus County Man Defrauds Victims out of at Least $2.7 Million in Forex Market Investment Scheme

SACRAMENTO, Calif. - A federal grand jury returned an eight-count indictment against Eshaq M. Nawabi, 27, of Salida, charging him with wire fraud for a scheme to defraud investors, U.S. Attorney Eric Grant announced.

According to court documents, between October 2019 and February 2022, Nawabi convinced victims that he was a successful trader in the foreign currency exchange or "forex" market. These victims gave Nawabi thousands of dollars to invest in forex, and their monthly statements showed that they were making a large profit every month. However, Nawabi lied to the victims and fabricated the monthly statements. Instead of investing the money, Nawabi spent it on himself and to keep his fraud scheme going. He leased luxury vehicles including multiple Lamborghinis, a Ferrari, a McLaren, and others.

The Federal Bureau of Investigation conducted the investigation. Assistant U.S. Attorney Veronica M.A. Alegría is prosecuting the case.

The FBI is seeking additional victims in this case. If you believe you may be a victim of Nawabi or his scheme under companies "Nawabi Enterprises" or "Hyperion Consulting Inc.," please visit: fbi.gov/NawabiVictimsLinks to other government and non-government sites will typically appear with the "external link" icon to indicate that you are leaving the Department of Justice website when you click the link..

If convicted, Nawabi faces a maximum statutory penalty of 20 years in prison and a $250,000 fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.