A federal indictment alleges a Palos Hills man swindled investors of what authorities termed a purported precious metals refinining business in Bridgeview out of at least $3.6 million.
Awad Odeh, 41, is charged in the indictment, returned Tuesday, with four counts of wire fraud and one count of money laundering.
An arraignment in federal court in Chicago is yet to be scheduled, authorities said.
Odeh operated North American Refinery in Bridgeview, according to the indictment.
The company was purportedly in the business of precious metals refining, and the alleged fraud took place from June 2017 to about the middle of December in 2020, according to the indictment.
Odeh is alleged to have defrauded at least 13 investors who were told they would see guaranteed annualized returns of between 10% and 50%, according to the indictment.
Odeh, according to the indictment, told investors he would personally repay they them the full amount of their investment should North American Refinery default on the promised returns.
In support of his fraudulent representations, Odeh allegedly provided investors with false documents that made it appear North American Refinery was financially sound and able to meet its financial commitments.
Also, Odeh, according to the indictment, provided investors “small, sporadic return-on-investment payments” to give investors the appearance their investments were legitimate.
In reality, the indictment states investor funds were not used for the refinery’s purported precious metals business. Odeh instead fraudulently used the funds for the personal use of himself and family members, the indictment alleges.
Some of the money was also used for another business Odeh operated, Apex Motorworks, in Burr Ridge, according to the indictment.
Odeh could not immediately be reached for comment on the charges.
