A 36-year-old Glendale man pleaded not guilty Thursday to ordering 36,000 sweatshirts from a victim in Laguna Beach, and refusing to pay most of the bill.
Adde Issagholi was charged April 16 with fraud, conspiracy to commit fraud and receiving stolen property, all felonies, according to court records.
He also faces sentencing enhancements for aggravated white collar crime between $100,000 and $500,000.
Issagholi was accused of ordering the sweatshirts Feb. 8, 2024, and receiving them in April of that year, according to the criminal complaint. He made partial payments of $500 in May of 2024 and $2,500 in July of that year to stall the vendor, the complaint alleged.
Investigators alleged in court papers that Issagholi “has a history of involvement in civil litigation, including cases resulting in significant monetary judgments against him.”
Prosecutors sought $200,000 bail, but Orange…
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Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.