Austin Man Sentenced to 41 Months for $1.5 Million Ponzi Scheme
An Austin man, Nurnepes Nurjanov, 34, was sentenced to 41 months (3 years and 5 months) in federal prison for defrauding multiple investors of $1.5 million in a Ponzi scheme.
Court documents revealed that Nurjanov, an informal day trader, began soliciting funds in September 2019, drafting agreements that promised investors minimum returns, profit-sharing, and access to trading accounts. He assured investors that their funds would be used exclusively for stock trading and fabricated documents to show favorable returns.
One investor provided $50,000 in October 2019 and received a fraudulent investment statement showing significant returns. Another investor contributed $50,000 in December 2020, followed by $142,500 in February 2021, and continued making large investments, eventually referring a friend who wired $200,000 to Nurjanov. While some investors received returns, they were funded by money from other victims.
Nurjanov used portions of the funds for personal expenses, defrauding victims of a total of $1,524,500.
On June 13, 2024, Nurjanov pleaded guilty to one count of wire fraud. In addition to his prison sentence, he was ordered to pay $1,505,500 in restitution.
The FBI conducted the investigation, and Assistant U.S. Attorney Dan Guess prosecuted the case. U.S. Attorney Jaime Esparza for the Western District of Texas announced the sentencing.
