American fraudster claimed ties to Saudi royals, officials say

The 68-year old California woman caused $1.3 million in losses to investors she duped with false claims, according to the US Department of Justice
American fraudster claimed ties to Saudi royals, officials say
By Bernd Debusmann Jr
Thu 30 Aug 2018 08:54 AM

An American jury has convicted a California woman of fraud after she reportedly made false claims of having high-level connections to members of the Saudi royal family, the US Department of Justice (DOJ) announced this week.

According to a DOJ statement, the woman, 68-year old Manhattan Beach resident Gayle Hassan Al-Said, was found to have defrauded investors in Detroit and used their investment funds for her own benefit, including purchases at luxury retail stores in Europe, payment for a plastic surgeon, and cash transfers to herself and family members.

Additionally, officials said that Al-Said also used investor funds to make a down payment on a $4 million home, as well as rent a flat in London for $16,000 a month.

Her investors, however, were told that their money would be placed in risk-free trust accounts.

DOJ investigators also found that Al-Said was claiming to have connections to members of the Saudi royal family, and represented herself as the CEO and chairwoman of several international banks, all of which were later discovered to be shell companies that were not involved in banking.

In total, Al-Said’s activities caused approximately $1.3 million in losses to investors, according to the DOJ. She now faces up to 20 years in prison for each of the eight counts of wire fraud she has been found guilty of.

Al-Said is scheduled for sentencing on January 8 of next year.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.