A local businessman from the suburbs of Chicago is now facing federal charges after he was indicted for allegedly defrauding investors of a hefty $3.6 million, in what was supposed to be a lucrative precious metals refining venture, authorities announced this week.
Awad Odeh, 41, of Palos Hills, has been hit with four counts of wire fraud and one count of money laundering, as detailed in an indictment returned Tuesday; no date has yet been set for his arraignment in U.S. District Court in Chicago, but the case is catching eyes, not least because of the gulf between Odeh's promises to investors and the grimier truths alleged by prosecutors, promises that included guaranteed returns ranging from a handsome ten to a staggering 50 percent, his assurance of repayment in the event of defaults which, according to the indictment, were little more than smoke and mirrors behind which Odeh’s financial machinations lay hidden.
Funds that should have bolstered the supposed operations of North American Refinery (NAR) in Bridgeview, were instead siphoned for personal use and funneled into Odeh's unrelated car company based in Burr Ridge, this according to the indictment as stated by U.S. Attorney Andrew S. Boutros, who together with officials from the FBI, IRS, and U.S. Immigration and Customs Enforcement's Homeland Security Investigations, announced the charges in Chicago. The indictment, painting a picture of deliberate deception, accuses Odeh of wilful misrepresentation, backed by the issuance of counterfeit documents created to show NAR's false financial stability and ability to deliver on its commitments.
