A businessman from suburban Chicago has been indicted on federal fraud charges for allegedly defrauding investors of at least $3.6 million through his purported refining business.
The indictment, returned Tuesday in U.S. District Court in Chicago, charges Awad Odeh, 41, of Palos Hills, Illinois, with four counts of wire fraud and one count of money laundering. An arraignment date in federal court has not yet been set.
According to the indictment, Odeh operated North American Refinery (NAR) in Bridgeview, Illinois. The company was said to be involved in precious metals refining. From 2017 to 2020, Odeh allegedly obtained funds from multiple investors by falsely promising guaranteed annualized returns on their investments ranging from ten to 50%. He also allegedly assured victims that if NAR defaulted on payments to investors, he would personally repay the full amount of their investments and returns. To support these claims, Odeh is accused of providing false documents suggesting NAR was financially stable and capable of meeting its obligations.
However, the indictment claims that investor funds were not used for NAR’s supposed precious metals business. Instead, Odeh allegedly used the funds for personal expenses and other purposes unrelated to NAR, including financing an unrelated car company he owned and operated in Burr Ridge, Illinois.
The announcement of the indictment was made by Andrew S. Boutros, United States Attorney for the Northern District of Illinois; Douglas S. DePodesta, Special Agent-in-Charge of the FBI's Chicago Field Office; Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago; and Matthew Scarpino, Special Agent-in-Charge of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations in Chicago. Assistant U.S. Attorney Prashant Kolluri represents the government.
It is important to note that an indictment is not evidence of guilt. The defendant is presumed innocent until proven guilty beyond a reasonable doubt at trial.
