AUSTIN, Texas — An Austin man has been sentenced to federal prison after defrauding investors of more than $1.5 million.
Nurnepes Nurjaonv worked informally as a day trader when he started soliciting money from investors in September 2019.
Nurjanov started drafting agreements that included splitting profits and giving investors access to trading accounts while telling investors the money would only be used for stock trades.
One investor went as far as to sell their business in June 2022 before investing the proceeds of $325,000 with Nurjanov. That person also convinced a friend to wire Nurjaonv $200,000 for an investment.
While the victims received returns on the investments, the Department of Justice (DOJ) said the returns came from money invested by other victims in Nurjanov's wire fraud scheme.
The DOJ said Nurjanov used the money and assets for personal living expenses and pleaded guilty to one count of wire fraud. He was sentenced to 41 months in prison and ordered to pay $1,505,000 in restitution.
