Serving Bel Air, Benedict Canyon, Beverly Hills. Brentwood, Laurel Canyon, Los Feliz, Malibu, Pacific Palisades, Melrose, Santa Monica, Sherman Oaks, Studio City, Topanga, Canyon, Westwood & Hollywood Hills.



facebook Canyon News twitter Canyon News

Canyon News

Bel Air News

Beverly Hills News

Brentwood News

Hollywood Hills News

Laurel Canyon News

Los Angeles News

Los Feliz News

Malibu News

Melrose News

Pacific Palisades News

Santa Monica News

Sherman Oaks News

Studio City News

Topanga Canyon News

West Hollywood News

Westwood News

Woodland Hills

Celebrity News

State News

National News

World Headlines

Deaf News





On the Industry

Star Gazing

St. John's Confidential File

Theatrical Musings

Life & Style

Event Listings

Tech Talk

Looking Good For Lots Less

Spirit & Creativity

Miller Time


View from the Hill


Chrystal's Recipe Corner

Career and Life Coaching

Gardening With Tony

Life According To Lenson

Real Estate Realities



Marathon Running

Keeping It Bruin: A Look Into UCLA Athletics






Vi's Corner

Pet Tips

Point of View

John Armor

Message to America

Critic At Large... Ruta Lee

Labor Week


10 Degrees Cooler

McConnors corner

Edge of the west

The Physics Wizard


Kyle's Kars


Susan Michelle's Compass


Ask Deanna

Dear Lily

Ask Oona


Dancing with Earthquakes


Sports Schedules

Traveling Beyond the Canyon

Edge of the West

Law Man

Ask Us

Nathan Tabor

The Angry Economist

Truth Probe

As I See It


Truth Conquers

The Live Wire

Notes from Exile

Letters to the Editor

Dog Training by Anthony

Canyon Mews



America's Most Wanted Dogs

World Recipes

Vegetarian Lifestyle


News Briefs

Local News



Canyon Fodder

Bad Movie Night

Critical Projection

Ed's on the Town

Fitness Quests

Flashback Films

Stories of the Strange

Gourmet Grandma

He Said/She Said

Home Matters with Yvonne

L.A. Etch-a-Sketch

L.A. Ruminations

McConnor's Corner

Mommy Minute

Musically Speaking

My Back Pages

Publisher's Pages


Scene and Heard in L.A.

Silly...But Wise!

Sunset Diaries

Table Options

The Paws Cause

TV Stuff

Cartoon of the Week

Sherman Oaks News

Sherman Donor Arrested For Ponzi Scheme
Posted by Damian Kelly on Nov 1, 2012 - 11:54:48 AM

SHERMAN OAKS—The race for the 30th Congressional District has taken a detour after one of the candidates’ donors was arrested for his role in a multi-million dollar Ponzi scheme on Tuesday, October 30.

The arrest of business owner and past Democratic party donor Syed Qaisar Madad comes with less than a week to go before voters decide whether to vote for Rep. Brad Sherman of Sherman Oaks or Rep. Howard Berman of Van Nuys.

Syed Qaisar Madad. Photo courtesy of Pakistani Link
Several reports indicate Madad, 65, who has contributed to both candidates’ campaigns in the past, was taken into custody by Federal Bureau of Investigation agents and Internal Revenue Service criminal investigation units at his home in Diamond Bar.  He was arraigned on a 16-count indictment Tuesday at U.S. District Court in Los Angeles.

According to the Campaign Money website, Madad donated $4,800 in contributions to Sherman during the 2010 cycle.  He also made contributions of $4,000 to Berman in 2009 and 2010.

Agents arrested Madad on federal wire fraud charges claiming he ran a scheme that took $49 million from investors who suffered losses of around $32 million.

A Ponzi scheme is defined as investments that are offered to fraudulently pay returns to its investors from their own money or the money paid by subsequent investors rather than from profits earned by the operator.

Madad, who is an immigrant from Pakistan, allegedly lied to investors saying his day-trading method would make consistent and substantial profits.  He also allegedly claimed their money was safe and would be returned upon request.

His scheme came to light after he was sued by one of his investors but allegedly continued to seek money from investors to put it into his day-trading scheme.  In addition, the indictment indicates Madad allegedly withdrew investors’ money in cash and used millions of dollars to pay for his personal expenses and those of his wife’s business.  If convicted on all 16 counts, Madad would face a maximum sentence of 260 years in federal prison. 

Madad is the CEO and co-owner of Placentia-based Technology for Telecommunication and Multimedia Inc.  He has been honored by the California State Assembly and the U.S. Senate.


Cliffside Malibu




Serving Bel Air, Benedict Canyon, Beverly Hills. Brentwood, Laurel Canyon, Los Feliz, Malibu, Pacific Palisades, Melrose, Santa Monica, Sherman Oaks, Studio City, Topanga, Canyon, Westwood & Hollywood Hills.