A federal grand jury in Chicago has indicted Jawad Fakroune, 45, on charges of wire fraud and tax evasion. Fakroune, who also used the names Angelino Escobar, Anjelino Escobar, Angelo Escobar, Giovanni Escobar, and Angelo Baldini, is accused of defrauding several individuals out of at least $2.6 million and willfully evading income taxes.
The indictment alleges that in 2022, Fakroune convinced an individual to give him approximately $2.45 million by claiming he would invest the money in a shipping container business and a marijuana growing operation. Instead, according to prosecutors, Fakroune spent nearly all the funds on personal expenses such as buying a residence in Lemont, Illinois; paying rent for a home in New York; shopping and dining in New York City; purchasing a 2022 Cadillac Escalade; and acquiring multiple luxury watches.
Prosecutors further allege that between 2023 and 2025, Fakroune continued similar fraudulent activities. In one instance, he allegedly obtained $150,000 from another victim by promising to invest in a coffee shop or Mexican restaurant. The indictment states that Fakroune persuaded this victim to sign a lease for a residence in Michigan City, Indiana on his behalf by falsely promising repayment of $300,000 related to the supposed investment. The victim did not receive any repayment.
In addition to the fraud charges, Fakroune faces accusations of attempting to evade income taxes and failing to file tax returns for the years 2020 through 2023.
The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois; Jason Bushey, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago; and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. Assistant U.S. Attorneys Sean Hennessy and Richard M. Rothblatt are prosecuting the case.
“The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.”
