by

Ponzi Schemer Pays With 6-Year Prison Term, $20M Restitution – NBC 7 San Diego

-ngo-15 views


The so-called president and CEO of NL Know-how realized his destiny on Friday after bilking his victims out of greater than $20 million, officers mentioned.

Jonny Ngo admitted in a plea settlement that he mocked up invoices for purchases from wholesale corporations, used false monetary statements to make it seem the NL Know-how had earned revenue of almost $28 million in 2015-16 and different schemes to symbolize the corporate’s enterprise dealings. He additionally admitted telling victims he was rolling over their investments into subsequent offers. The fact, although, was there have been no offers to roll wherever.

Ngo additionally used the falsified paperwork to steer his victims that the “firm” was going to purchase smartphone screens and provide them to fictional consumers, and that the standard of the screens was assured by a third-party escrow firm, in keeping with a information launch despatched out Friday by the workplace of the US Legal professional for the Southern District of California.

On Friday, U.S. District Decide Jeffrey T. Miller sentenced Ngo to greater than six years in jail for working the $65 million Ponzi scheme, prosecutors mentioned. he was additionally ordered to pay $20,292,490.60 to his victims.

Ngo’s crimes have been “no mere mistake,” Miller mentioned in court docket, in keeping with the information launch. “This was calculated, broad in nature, deep in planning and lethal in execution,” including that Ngo’s victims “suffered a considerable loss and have had monetary damage, goals dashed, fruits of a lifetime of labor dissipated, emotional misery, disgrace, shock, embarrassment, and emotional harm to final a lifetime.”

Additionally in his plea deal, Ngo instructed the court docket he gambled away a few of his victims’ cash and had used funds to purchase luxurious automobiles and a house.

In a information launch about Ngo’s sentencing, FBI Particular Agent in Cost Suzanne Turner mentioned, “Ngo swindled and conned harmless traders out of their hard-earned cash to assist his lavish way of life.”

Turner mentioned anybody with details about investor fraud ought to submit tricks to https://tips.fbi.gov/.





Source link

Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News Feed