New York Attorney General Eric T. Schneiderman said Monday that he had filed charges against Khawaja Saud Masud for stealing over $1 million from a retired pediatrician and his wife.
The 37-year-old Masud, who lives in Jersey City, New Jersey, persuaded the couple to invest in a purported hedge fund, RKS Capital. If convicted of grand larceny and securities fraud, he could face up to 25 years in prison.
“The defendant allegedly convinced his victims to turn over their retirement savings with promises of a safe, lucrative investment, only to squander their hard-earned dollars,” said Schneiderman in a statement. “New Yorkers should be able to rely on brokers to invest their money as promised.”
According to FINRA BrokerCheck, Masud is not currently registered with any securities firm. He was registered with UBS (UBS) from August 2004 to August 2010.
In 2012, Masud reached out to Dr. Kalim Irfani, then 75, and his wife, Rehana Irfani, to invest their retirement savings in a fund he had created just two weeks earlier. The Irfanis, who live in Westchester, N.Y., allegedly gave him $1 million, which Masud then lost most of over several months.