Imprisoned investor admits swindling elderly McHenry County couple

A St. Charles real estate investor already serving time for scamming an elderly Wheaton couple out of thousands pleaded guilty Friday to charges he did the same to a McHenry County family who committed about $18,000 to his bogus investment scheme.

Zia Ahmed, 59, was sentenced to eight years in prison on charges of theft, financial exploitation of an elderly person and securities fraud stemming from allegations he swindled the victims in 2006 through a phony company called Senior Care Financial Services.

However, the sentence will run concurrent with a 10-year term Ahmed is serving in the DuPage County case, meaning he will not spend any additional time behind bars.

A McHenry County grand jury indicted Ahmed last year, alleging that in April 2006 he collected $18,000 from the Woodstock family and promised to invest it in the company. Instead, state authorities said, he spent the money on personal expenses.

At the time, Ahmed had been barred by the state from selling securities or other investments.

Ahmed also faces charges in DeKalb County alleging he stole more than $300,000 from an elderly woman with dementia.