SEC Gets $500,000 From Payment Processing Affinity Fraudster

An Illinois man who allegedly defrauded three investors in the Muslim community by falsely claiming his payment processing company had successful overseas operations will pay more than half a million dollars to resolve the SEC’s charges after consenting to a final judgment Monday.

Irfan Mohammed misrepresented that his company Dgtal World LLC had a robust business in Asia with plans to expand to the US, and he used a fake website with testimonials from nonexistent clients and employees to solicit investments, the Securities and Exchange Commission alleged in its complaint last month.

The enforcement action represents part of a larger ...