Acting U.S. Attorney Joon H. Kim announced Tuesday an Israeli citizen was sentenced to three years in prison for wire fraud.
Thirty-nine-year-old Fadi Ewiess, aka “Fadi Awise,” of Israel ran a forex trading company, Golden Bridge FX, from 2015 to 2016. Golden Bridge’s trading platform permitted its clients to bet on specific currencies. Some investors placed their own bets, while others authorized Gold Bridge representatives to do it for them. Ewiess and others promised high rates of returns for managed accounts and guaranteed against losses by American banks. To support those guarantees, they provided investors with fraudulent documents from relevant banks.
Ewiess and others received over $5 million from investors. Most of that money came from investors in Saudi Arabia and was spend on gambling trips, travel, hotels and given to family, according to court documents.
Additionally, Ewiess was ordered to forfeit $2,105,619.19 and money held in five separate bank accounts.
“As he admitted at his plea, Fadi Ewiess lied to prospective investors about his company’s expertise in the foreign exchange markets, sending them forged ‘guarantees’ from New York banks to entice them to invest with him,” said Kim in a statement. Ewiess and others raised more than $5 million from victims around the globe, but instead of investing it, he spent much of that money on gambling, personal expenses, and transfers to family members. Today, Fadi Ewiess learned the price of his criminal conduct.”