A Belgian family of four has been arrested in Hawaii for large-scale fraud, our colleagues from the Nieuwsblad have announced. With false promises of huge investment returns, the four residents of the American archipelago would have earned hundreds of thousands of dollars. “An unscrupulous display of greed and manipulation“said an FBI agent.
According to the indictment, Tim D. (37), his partner Latifa Z. (47) and their sons Haitem (19) and Sofyane (22) arrived in Los Angeles in January 2022, with Belgian passports. About eight months later, they would move to Hawaii, posing as successful investors who had made millions investing in start-ups.
They claimed to hold a “private equity” investment group, investors who participate financially in companies outside the circuit of the stock exchange. They promised incredibly high returns to anyone who invested with them. On one of their contracts, they even promised a return of no less than 315% per year.
When promised returns were not paid, Haitem claimed the delay was due to European banks temporarily blocking his transfers
The central character would be nineteen-year-old Haitem. He pretended to be a partner of a Connecticut wealth advisor and convinced a couple to invest $10,000. After a week, he said their investment was already worth $148,000, following which the couple increased their investment by another $294,000. On this, they should have received a monthly return of 216%. Another couple invested $5,000, bringing the total sum to $309,000, or more than 293,000 euros.
When promised returns were not paid, Haitem claimed the delay was due to European banks temporarily blocking his transfers. Despite being told to “just be patient”, investors grew wary.
An investigation was opened and last weekend the family of four was arrested by FBI agents near Waikiki Beach in Honolulu. Lead Investigator Steven Merrill described the fraud as “an unscrupulous display of greed and manipulation“The FBI is committed to bringing those responsible for this outrageous scam to justice.”
The four Belgians, who deny the charges, face a maximum sentence of 30 years and a fine of $1 million. Father Tim and son Haitem are reportedly in custody awaiting trial, mother Latifa and son Sofyane are out on bail. Their trial is scheduled for May 8.
The Belgians are also accused of having exceeded the duration of their visa.
