Man Sentenced To 78 Months In Prison For Tax Crimes, Investment Fraud
Rick Tariq Rahim of Great Falls, Virginia was sentenced on Friday to 78 months in prison for tax crimes and a wire fraud scheme.
Rahim owned multiple businesses, including laser tag facilities and an Amazon reseller, failed to pay the IRS taxes withheld from employees’ wages and neglected to file quarterly employment tax returns from 2015 to 2021.
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Additionally, between 2010 and 2012, he filed personal tax returns showing significant liabilities but did not pay the owed amounts. Rahim provided false information to the IRS, omitting assets such as a helicopter, luxury cars –including a Bentley and Lamborghini– and real estate. Shortly after, he transferred ownership of his Great Falls property to his wife.
Despite earning over $34 million in gross income since 2012, Rahim has not filed a personal tax return during that period, causing the IRS at least $4.4 million in losses.
Rahim also defrauded investors through automated trading bots marketed on social media platforms like TikTok, YouTube, and Discord. He falsely claimed to beat the stock market daily and promised high returns while showcasing his wealth with luxury items and properties.
However, he concealed trading losses exceeding $500,000 from February 2021 to December 2022. He earned at least $1.4 million in subscription fees, but lost over $300,000 of clients’ funds within eight months.
As part of his sentence, Rahim agreed to forfeit over $1.3 million and pay restitution to both the IRS and victims of his investment fraud.
Woman Convicted Of $20 Million Insurance Fraud, Money Laundering
A federal jury on Tuesday convicted Maureen Wilson of Owings Mills, Maryland, for her involvement in a massive insurance fraud scheme. Wilson was found guilty of conspiracy to commit insurance fraud, wire fraud, money laundering and filing false tax returns.
The evidence presented at trial revealed that Wilson and her husband, James Wilson, orchestrated a complex fraud operation involving over 40 life insurance policies with total death benefits exceeding $20 million. They misrepresented applicants’ health, wealth and existing life insurance coverage to obtain these policies fraudulently.
To further their scheme, the Wilsons defrauded individual investors to secure funds for paying premiums on the fraudulently obtained life insurance policies. They attempted to conceal their illicit gains by transferring money through multiple bank accounts, including trust accounts.
Wilson also filed false individual income tax returns for 2018 and 2019, failing to report approximately $5.7 million and $2 million in fraudulent income, respectively.
The jury convicted Wilson on multiple charges, including conspiracy to commit mail and wire fraud, mail fraud, wire fraud, conspiracy to commit money laundering, money laundering and filing false tax returns.
Sentencing is scheduled for June 20, where Wilson faces a maximum penalty of 20 years in prison for each count of conspiracy, wire fraud, mail fraud and money laundering, as well as up to three years for each count of filing a false tax return.
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