Man bilked clients out of $6M

An Astoria businessperson has been convicted of bilking eight clients out of $6 million, then posing as a lawyer to cover up his scam.
On Thursday, August 23, Queens District Attorney Richard Brown said that 41-year-old Mohammed Rafikian - also known as Mo Kian - faces up to 130 years behind bars for the crime.
“Although charged with impersonating an attorney and practicing law without a license, the defendant chose to represent himself at trial. The old adage, ‘One who represents himself has a fool for a client’ was once again proven true,” Brown said.
According to trial testimony, Rafikian, who is the chair and CEO of First Investors Capital Corporation in Astoria, made dicey real estate and capital investment deals with the investments of a former cardiologist, dentist, bar manager, retired disabled elevator mechanic, retired disabled school teacher, a NYCHA inspector, painting contractor and even a family friend. He ran up a negative tab of $6 million.
In one case, Rafikian took $3.2 million from an investor, promising to get a 26 percent return on the money. Rafikian provided no statements and did not return the money when the client asked, but he did send the investor two checks totaling $150,000, both of which bounced.
With another client, Rafikian accepted more than $900,000 to buy a building in Astoria, but he never bought the building and did not return the money. In addition, Rafikian sold a Laundromat for the same client for $75,000 - but only handed over $12,000.
A witness also testified at trial that Rafikian took $816,000 for the purchase of a house and a bar, but the transaction never took place, and he would not return the funds.
Brown charged that from March 2000 until December 2005 Rafikian assumed the false identity of a Marcus & Associates partner - whose law firm sublet space in Rafikian’s investment firm office at 34-13 Broadway. Rafikian had also periodically worked as a paralegal for the firm in the past.
“Needing to find a way to cover his losses, the defendant took over the law practice of an attorney who had become suddenly ill and misrepresented himself as an attorney,” Brown said.
Rafikian, a Westbury, Long Island resident, will be sentenced on Friday, September 21 on charges of larceny, scheme to defraud, criminal impersonation, and practicing law without being admitted to the bar.