Mejdi Mahmoud Abousaoui: Indicted

Nov 4

Mejdi Mahmoud Abousaoui was indicted Nov. 4 by a Fort Bend County grand jury on charges of securities fraud, money laundering, theft, and misapplication of fiduciary property.

According to the indictment, Abousaoui raised more than $4 million from at least 70 investors from early 2015 until mid-2018. Abousaoui was the sole managing member of Abousaoui Financial, an unregistered investment firm.

Abousaoui allegedly sold interests in an investment program trading stocks, bonds, mutual funds, and other financial instruments, guaranteeing returns of 5% per month.