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Saturday, April 4, 2015

Investment Manager Claiming Deep Pakistani Ties Ordered To Pay $3.5M For Fraud


Residing in Dade County, Florida, 38 year old Haider Zafar stands accused by the SEC of illegally raising over $7.5 million from investors for promissory note agreements.

According to the SEC, Zafar claimed he had access to insider information because of his family's finances and influence in Pakistan.

While Zafar acted as broker he was never registered with the SEC and misappropriated funds raised on personal expenses including personal vehicles and Miami Heat season tickets.

On January 16, Zafar was sentenced to 46 months in prison and ordered to pay $3.5 million in restitution.

To read the full order browse to the link below:

http://www.sec.gov/litigation/admin/2015/34-74646.pdf