Palos Hills Businessman Awad Odeh Charged With Swindling Investors in 'Precious Metals Refinery' Out of $3.6 Million

Case from 2025 (U.S. Attorney's Office release: May 21, 2025). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Awad Odeh, 41, of Palos Hills, Illinois, was indicted on May 20, 2025, on four counts of wire fraud and one count of money laundering, accused of swindling investors in his supposed precious metals refining business out of at least $3.6 million, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

Important: Odeh is charged only and is presumed innocent unless and until proven guilty.

How the alleged scheme worked

According to the indictment as summarized by prosecutors [1]:

1. The business: Odeh operated North American Refinery (NAR) in Bridgeview, Illinois, which supposedly refined precious metals.
2. Guaranteed returns: From 2017 to 2020, he allegedly told investors they would receive guaranteed annual returns of 10% to 50%.
3. Personal guarantee: He allegedly told investors that if NAR defaulted, he would personally repay their full investment plus returns.
4. False documents: He allegedly gave investors false documents making NAR look financially sound.
5. Where the money went: Investor money allegedly was not used for the refining business. Instead, he allegedly used it personally and for other purposes, including funding a car company he owned in Burr Ridge, Illinois.

The person charged

Awad Odeh, 41, Palos Hills, Ill. [1]

• Court: U.S. District Court for the Northern District of Illinois.
• Charges: four counts of wire fraud and one count of money laundering.
• Arraignment: court records show it was noticed for May 29, 2025 [3].
• Investigation: FBI Chicago, IRS Criminal Investigation and Homeland Security Investigations; prosecuted by Assistant U.S. Attorney Prashant Kolluri.

Red flags

• "Guaranteed" returns, especially as high as 10% to 50% a year.
• A personal promise to cover any losses. That guarantee is only as good as the person making it.
• Financial statements prepared in-house, not audited.
• A business owner who runs several unrelated companies and moves money between them.

What to do if you're targeted

1. Ask for audited financial statements and verify the business's operations independently.
2. Check whether the offering is registered with the SEC or your state securities regulator.
3. Report suspected fraud to the FBI at ic3.gov and the SEC at sec.gov/tcr.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Awad Odeh, 41, Palos Hills, Ill.	N.D. Ill.	Indicted May 20, 2025 (4 counts wire fraud, 1 count money laundering); no later outcome found in public sources as of Oct. 16, 2026	[1], [2]

An indictment is an accusation, not evidence of guilt.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Suburban Chicago Businessman Charged With Swindling Investors out of $3.6 Million," May 21, 2025. https://www.justice.gov/usao-ndil/pr/suburban-chicago-businessman-charged-swindling-investors-out-36-million
2. Indictment, United States v. Awad Odeh (N.D. Ill.). https://www.justice.gov/usao-ndil/media/1401161/dl?inline=
3. CourtListener RECAP docket search, United States v. Odeh (N.D. Ill.). https://www.courtlistener.com/?q=%22Awad+Odeh%22&type=r

---

Corrections and updates: If you are named in this article, or represent someone who is, and believe anything here is inaccurate or out of date (including a dismissal, acquittal, or change in case status), please contact us at editorandchief@scammers.com. We will review it and update the article promptly.