the staff of the Ridgewood blog
TRENTON, NJ — A 64-year-old Middlesex County man has been sentenced to 27 months in federal prison for operating a fraudulent commodities investment scheme that defrauded South Korean investors out of more than $1 million, according to U.S. Attorney Alina Habba.
Mohammed Rahman, of Iselin, New Jersey, pleaded guilty to conspiracy to commit wire fraud before U.S. District Judge Georgette Castner, who handed down the sentence. In addition to his prison term, Rahman was ordered to serve two years of supervised release and pay $1,393,200 in restitution. The court also ordered the forfeiture of $1,000,000, which represented proceeds from the conspiracy.
Fake Sugar Deal Defrauded Dozens
According to court documents, Rahman ran a company called Caltech Trading Corporation, through which he falsely claimed to be involved in buying and selling international commodities. Working with individuals based in South Korea, Rahman lured approximately 60 victims into investing in a bogus sugar trade deal.
Victims were told their funds would be used to purchase $1 million worth of sugar from Brazil, which would then be sold for a substantial profit. The fraudulent agreement promised investors a 100% return on their investment.
Instead of using the funds for legitimate business purposes, Rahman deposited the money into his personal bank account, using it to pay off his mortgage and personal expenses. He even went so far as to falsify bank records in an attempt to hide the deception.
International Investigation and Justice
The case was investigated by the IRS-Criminal Investigation unit, led by Special Agent in Charge Jenifer Piovesan, and the U.S. Department of Homeland Security, Homeland Security Investigations, led by Special Agent in Charge Ricky J. Patel. The investigation also received crucial support from the Seoul Metropolitan Police Agency and the Seoul Central District Prosecutor’s Office.
The government was represented by Assistant U.S. Attorney Jessica R. Ecker of the Health Care Fraud & Opioid Abuse Prevention Unit in Newark.
Bottom Line: This case highlights how international investment scams can leave a devastating impact on victims and demonstrates the U.S. Justice Department’s commitment to holding financial criminals accountable—even across borders.
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