The Brief
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A Palos Hills man has been indicted for allegedly defrauding investors of $3.6 million.
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Federal prosecutors say he falsely promised returns and used the money for personal and unrelated business expenses.
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The charges include four counts of wire fraud and one count of money laundering.
CHICAGO – A suburban businessman is facing federal charges after prosecutors say he defrauded investors out of at least $3.6 million through a fake precious metals business.
What we know
Awad Odeh, 41, of Palos Hills, was indicted Tuesday in U.S. District Court in Chicago on four counts of wire fraud and one count of money laundering.
According to federal prosecutors, Odeh operated North American Refinery (NAR), a Bridgeview-based company he claimed was in the precious metals refining business. From 2017 to 2020, Odeh allegedly convinced multiple investors to give him money by falsely promising guaranteed returns ranging from 10% to 50% annually.
He also told investors that if NAR failed to make payments, he would personally repay their investments and the returns, the indictment states. Prosecutors say Odeh backed these claims with fake documents that made it seem the business was financially stable.
Instead of using the funds for the refining operation, Odeh allegedly diverted the money for personal use and to support a separate car business he ran in Burr Ridge.
What we don’t know
Odeh is expected to appear in federal court for arraignment, though a date has not yet been scheduled.
The Source
The information in this article was provided by the U.S. Attorney’s Office, Northern District of Illinois.
