SAN DIEGO — The Securities and Exchange Commission has charged a San Diego County man with securities fraud, saying he targeted Somali immigrants in San Diego and Seattle.
In a complaint filed Thursday, the SEC says 45-year-old Mohamud A. Ahmed of Spring Valley and his company Shidaal Express sought Somali investors at a San Diego mosque, at a presentation in Seattle and on its Web site.
The complaint says Ahmed raised at least $3 million promising heady guaranteed returns of five percent per month. The complaint says Ahmed initially paid monthly returns but stopped.
A judge has frozen Ahmed’s assets and scheduled a Nov. 30 hearing on the company’s future.
It was not clear whether Ahmed was taken into custody.
A phone message left with the company was not immediately returned.
