Suburban Chicago Businessman Indicted in $4 Million Fraud and Money Laundering Scheme

CHICAGO — A federal grand jury indicted Raed Naser, a suburban Chicago businessman, on charges of wire fraud and money laundering for allegedly orchestrating schemes that caused more than $4 million in losses, the U.S. Department of Justice announced on May 8, 2026.

The indictment, returned in the U.S. District Court for the Northern District of Illinois, identifies Naser as the central figure who directed the fraudulent activity. The schemes targeted multiple victims and generated proceeds that Naser then moved through financial channels to conceal their origin, according to the charging document.

The total amount involved exceeds $4 million. The wire fraud counts each carry a maximum statutory penalty of 20 years in prison and a fine of up to $250,000 or twice the gross gain or loss, while the money laundering counts carry a maximum of 20 years and similar fines.

The precise number of victims is not detailed in the release, but the aggregate loss figure establishes the scale used for sentencing guideline calculations under the U.S. Sentencing Guidelines.

The indictment shifts the case from investigative stage to active criminal prosecution. Naser must now appear before a district judge for arraignment, at which time the court will address pretrial release or detention. If convicted, the government will seek forfeiture of any property traceable to the fraud proceeds or substitute assets.

Sentencing would then follow Federal Rules of Criminal Procedure timelines, typically within 70 days of a guilty plea or verdict unless delayed by the court.

Downstream, the case requires the U.S. Attorney’s Office for the Northern District of Illinois to prepare discovery materials and file any motions regarding detention or forfeiture. The defendant’s legal team must respond to the charges and may file pretrial motions.

A conviction would also obligate the court to calculate restitution to identified victims under the Mandatory Victims Restitution Act. The Treasury Department’s role in tracing financial flows, referenced in the money laundering counts, means any parallel civil or administrative actions by financial regulators remain possible once criminal proceedings conclude.

This indictment forms part of the Justice Department’s ongoing enforcement against financial fraud schemes that exploit wire transfers and banking channels. The department has brought similar wire fraud and money laundering cases in the Northern District of Illinois in recent years, each proceeding through the same district court venue and following identical statutory frameworks under Title 18 of the U.S. Code.