Ali Abid of New York has pleaded guilty in federal court to committing fraud against a Youngstown-area man, 69, by convincing him in July 2018 to pay close to $50,000 in fees and costs associated with a bogus $3 million loan.

According to court documents, a co-conspirator of Abid told the victim he had secured the $3 million loan, and that the victim needed to pay more than $100,000 in cash to finalize the loan “when in fact there was no loan and the purported fees were fictitious.”

The victim was asked to bring $50,000 to a home improvement store parking lot in Johnstown, Pa., so the victim cashed a $52,000 check July 3, 2018, and received $48,907 after fees related to cashing the check.

The victim took the money to the parking lot, met with Abid and paid Abid the cash, the documents state.

While in the parking lot, the co-conspirator stayed out of sight and spoke with the victim on the phone. The victim later gave the money to Abid, who was identified as “Sharif.”

His guilty plea came earlier this month by video in Cleveland’s federal court.

Judge Donald Nugent of the U.S. District Court for the Northern District of Ohio will sentence Abid at 10 a.m. Nov. 17.

Abid remains free after posting $10,000 bond during his arraignment last October.

erunyan@tribtoday.com