10 years for man who scammed elderly Wheaton couple
A former St. Charles real estate investor was sentenced to 10 years in prison for bilking an elderly Wheaton couple out of part of their savings - a scheme authorities allege he perpetrated on his most vulnerable clients.
Zia Ahmed first met the couple in about 1999 when they welcomed him into their home to advise them on different annuities and insurance and long-term care investments.
In 2004, the couple invested $50,000 in a commercial real-estate venture Ahmed had begun while branching out with his own company, USA Properties of Illinois. After the couple died just 10 days apart in late 2005, their estate attorney noticed a few red flags with a deferred note and advised their daughter to try to collect what she could from Ahmed. He returned about $15,000
A subsequent investigation revealed Ahmed, 59, never invested the money but instead used it for his own personal expenses, such as to pay for his Mercedes, cable bills and for dining out.
"It would have crushed them," the couple's daughter said Monday of the scam. "They scraped and saved and worked like dogs their whole lives. They trusted him. They thought he was here to help them and instead he swindled them."
She was in court Thursday on behalf of her parents when DuPage Circuit Judge Kathryn Creswell sentenced Ahmed to 10 years in prison for financial exploitation of the elderly, securities fraud and mail fraud. Creswell also ordered $34,300 in restitution.
Ahmed faces similar allegations involving other elderly victims. In DeKalb County, Ahmed is accused of pilfering more than $300,000 from an elderly woman with dementia. The allegations in McHenry County involve a Woodstock couple.
Ahmed, who court records showed moved to Palatine at some point, has been in jail since March 9, 2007. Judge Creswell found him guilty of the DuPage County charges after his trial last May. He is due in McHenry County court on Wednesday. The investigation was handled by the Illinois secretary of state and attorney general's offices.