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Syed Arham Arbab, UGA Grad, Ran $ 1M Ponzi Scheme from Frat House and Spent the Money at Strip Clubs, Booze

A cell biology and genetics student at the University of Georgia ran a $ 1 million Ponzi scheme out of his fraternity house, tricking 117 people into investing in their fake hedge funds and then spending their money on alcohol, gambling and strip clubs.

Syed Arham Arbab, a 22-year-old from Augusta, pleaded guilty Friday to U.S. District Court in the Georgia Central District for securities fraud.

Arbab admitted that from May 2018 until his May 2019 confirmation, he lied to dozens of investors, including fellow students, to get them involved in the alleged "hedge funds" he called Artis Proficio Capital Management and Artis Proficio Capital Investments, according to a press release from the Department of Justice.

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