MACON, Ga. – A former University of Georgia student pleads guilty to running a Ponzi Scheme that defrauded more than 100 investors, including fellow students, according to a release from the U.S. Department of Justice.

Syed Arham Arbab, 22, admitted that he made a number of misrepresentations in order to persuade victims to invest with him. He also admitted to making fake account statements and promising high rates of return while knowing that he did not have the liquid capitol to make good on these guarantees.

Further, when Arbab learned that some prospective investors were UGA football fans, he told them that a famous NFL player and UGA alumnus was an investor in the fund, when in fact the football player had never invested with any of his entities, Artis Proficio Capital Management or Artis Proficio Capital Investments (collectively, APC).

Arbab also told investors that he was an MBA candidate at UGA’s Terry College of Business when he actually had applied to and been rejected by UGA’s MBA program.

Investors funds were ultimately used for clothing, shoes, fine dining, entertainment and interstate travel, including spending thousands of dollars gambling during three trips to Las Vegas in 2018 and 2019.

Individuals who believe that they may be a victim in this case should visit the Fraud Section’s Victim Witness website for more information.