Two men from Overland Park, Kansas, appeared before a federal judge after being indicted in connection with an alleged $4 million investment fraud scheme.
Court documents state that Baha Ibrahim and Jawad Albadawi, both 21, face charges including one count of wire fraud conspiracy, nine counts of wire fraud, one count of money laundering conspiracy, six counts of money laundering, and seven counts of transacting in criminal proceeds.
Prosecutors allege that between March and August 2024, Ibrahim and Albadawi solicited investments by claiming their business would buy merchandise wholesale and sell it online for individual retail sales to generate high returns. The indictment accuses them of not purchasing or selling items as represented to investors. Instead, they are accused of using the funds for personal expenses such as luxury vehicles, cryptocurrency purchases, and expensive trips to Dubai in the United Arab Emirates, Greece, and Las Vegas.
Ibrahim and Albadawi had their initial court appearances on November 24 before U.S. Magistrate Judge Teresa J. James at the U.S. District Court for the District of Kansas.
The Federal Bureau of Investigation is conducting the investigation. Assistant U.S. Attorney Ryan J. Huschka is prosecuting the case.
In another case announced by authorities, Andrew M. Amundsen from Leavenworth was indicted on one count each of felon in possession of a firearm and possession of a firearm by an unlawful user of a controlled substance. The Bureau of Alcohol, Tobacco, Firearms, and Explosives is investigating that case with Assistant U.S. Attorney Faiza Alhambra handling prosecution.
“An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.”
