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Wednesday, November 13, 2024

Lebanese con artist who posed as Emirati Prince gets 20-year prison sentence

Alex Georges Tannous, a Lebanese man impersonated a prominent Emirati prince to deceive investors around the world.

Alex Georges Tannous, a Lebanese man who impersonated a prominent Emirati prince to deceive investors around the world, has been sentenced to 20 years in prison for wire fraud. The U.S. federal court in San Antonio handed down the sentence on November 8, 2024, following a guilty plea. Tannous had used his fraudulent claims of connections to Emirati royalty to extract large sums of money from victims, only to funnel it into a lavish lifestyle.

The Scheme: False Promises and Fake Investments

Tannous presented himself as a wealthy businessman with connections to Emirati royalty, claiming he was a high-profile official from Dubai tasked with bringing U.S. businesses to the UAE. He falsely portrayed himself as a member of the Emirati royal family, sometimes even using titles like “World Peace Ambassador for the UAE.” These fabricated connections were key to convincing victims that they could trust him with substantial investments. He promised to secure financing for ventures in the Gulf region, with the condition that victims pay upfront fees to access millions of dollars in supposed funding. However, instead of investing the money, Tannous used it to fund his own extravagant lifestyle.

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Victims Across the Globe

Tannous’s victims were spread across the globe. One of the most notable victims, Marc De Spiegelerie from Belgium, lost over €700,000 (around AED 2.77 million) in a fake investment involving a project based in Qatar. De Spiegelerie expressed his relief after the sentencing, stating that while the financial loss couldn’t be recovered, knowing Tannous would spend the next two decades behind bars brought him and others some comfort. Another victim, Omar Y Abouhalala from Libya, reported losing AED 1.15 million. Many of the victims were small business owners who trusted Tannous’s false promises​

Role of Equico Enterprises Inc.

Tannous’s company, Equico Enterprises Inc., played a central role in his fraudulent schemes. The FBI investigation revealed that Tannous used the company to facilitate the payments from victims, including a business owner who was convinced to invest $70,000 into a joint venture to develop ghost kitchens. These ventures never materialized, and the funds were lost​

Collapse of the Scheme

Tannous’s fraudulent empire began to unravel when news reports exposed his activities, and an investigation by U.S. authorities was launched. In early 2021, Tannous filed for bankruptcy in an apparent attempt to shield himself from paying back the money he owed to victims. He was arrested in February 2024, and after pleading guilty to one of the six charges of wire fraud in July, he was sentenced to 20 years in prison on Thursday. He was also ordered to pay $2.2 million in restitution to his victims​

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The court described Tannous as a “serial con artist” who exploited the trust of hardworking individuals, many of whom were simply trying to grow their businesses. U.S. Attorney Jaime Esparza emphasized that fraudsters like Tannous would be prosecuted to the fullest extent of the law to ensure that victims are compensated​