Luxurious LifeStyle – Ex-San Diego Tech CEO Will get Six Years in Jail for $65M Ponzi Scheme
A San Diego man was sentenced Friday to greater than six years in jail for working a $65 million Ponzi scheme that precipitated traders to lose greater than $20 million.
Along with the 75-month sentence, Jonny Ngo, former president and CEO of NL Expertise, LLC, was ordered to pay almost $21 million in restitution for bilking traders out of cash he alleged could be used to fund wholesale buy orders of smartphone screens and different digital items.
Prosecutors mentioned the funds have been really spent on private bills, similar to “a home, luxury cars and gambling.”
Ngo, 34, instructed traders that NL Expertise was supplying smartphone screens to a number of patrons, together with two that every ordered about $2 million worth of NL Expertise merchandise, and ready false monetary and bank statements to again up his claims, in line with the U.S. Legal professional’s Workplace.
Ngo pleaded responsible to a mail fraud cost final 12 months.
“Ngo swindled and conned innocent investors out of their hard-earned money to support his lavish lifestyle,” FBI Particular Agent in Cost Suzanne Turner mentioned. “The false representations about wholesale purchase orders worth millions and supporting phony business records were all lies. Ngo’s actions serve as an example of the unconscionable greed that fuels these all too common fraud cases.”
— Metropolis Information Service
Ex-San Diego Tech CEO Will get Six Years in Jail for $65M Ponzi Scheme was final modified: November 21st, 2020 by
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