Qualcomm Inc (QCOM)

[DiscoverGold]

Tech executive admits to $150 million scam in sale of Abreezio to Qualcomm
By: Investing | October 6, 2023

Ali Akbar Shokouhi, a primary investor in the tech firm Abreezio, pleaded guilty to money laundering on Thursday, acknowledging his part in a massive fraud involving the sale of Abreezio to Qualcomm (NASDAQ:QCOM) for over $150 million. The case was announced by the Office of the U.S. Attorney for the Southern District of California on Friday.

The U.S. Attorney's Office disclosed that Akbar Shokouhi, who they referred to as a "second technology executive," admitted in a plea agreement to a $150 million scam against Qualcomm. Working alongside co-defendant Karim Arabi, they manipulated several facets of Abreezio including its "name selection", "creation", and "development and marketing". They presented it as an "angel-funded" venture, furthering their deceit.

In a striking demonstration of their successful deception, despite the ruse, Qualcomm was prepared to pay "$180 million" for Abreezio. The duo even went as far as using an alias for Arabi in their "text messages". These details were revealed as part of Shokouhi's plea agreement, highlighting the extent of their fraudulent activities.

Read Full Story »»»

DiscoverGold