Austin man receives 41-month sentence for defrauding investors in $1.5 million Ponzi scheme

Austin, Texas – A 34-year-old Austin man, identified as Nurnepes Nurjanov, has been sentenced to 41 months in federal prison for orchestrating a Ponzi scheme that defrauded multiple investors out of $1.5 million. In addition to his prison term, Nurjanov was ordered to pay $1,505,500 in restitution to his victims.

Promises of Profit and Fabricated Success

Court documents reveal that Nurjanov, an informal day trader, began soliciting funds from investors in September 2019. He drafted agreements that guaranteed minimum returns, detailed profit splits between him and his investors, and promised investors access to trading accounts. Nurjanov claimed that all investment funds would be exclusively used for stock trading, assuring investors they would receive “50% of clean profit.”

To convince potential investors, Nurjanov fabricated documents showing favorable investment returns. Using a trading simulator template, he presented fictitious gains to establish trust and attract more investors.

The Scheme Unravels

In October 2019, one investor contributed $50,000 after being persuaded by Nurjanov’s false promises. The investor was shown fraudulent statements reflecting significant returns. In December 2020, another individual invested $50,000, followed by $142,500 in February 2021. This investor continued to make large contributions, culminating in a $325,000 investment after selling their business in June 2022.

At one point, the defrauded investor referred a friend, who was also deceived by Nurjanov’s fabricated claims and wired him $200,000. While both investors received purported returns, these payments were revealed to be funds taken from other victims—hallmark behavior of a Ponzi scheme.

Nurjanov spent a portion of the funds on personal expenses, rather than fulfilling the promises made to his investors. Over the course of his fraudulent scheme, he amassed $1,524,500 from unsuspecting victims.

Legal Proceedings and Sentencing

Nurjanov made his initial court appearance on June 13, 2024, where he pleaded guilty to one count of wire fraud. On top of his 41-month prison sentence, he was ordered to make full restitution to his victims.

U.S. Attorney Jaime Esparza for the Western District of Texas announced the sentencing. The Federal Bureau of Investigation (FBI) conducted the investigation, and Assistant U.S. Attorney Dan Guess prosecuted the case.