SAN DIEGO (CNS) – A San Diego man was sentenced Friday to greater than six years in jail for working a $65 million Ponzi scheme that brought about 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 practically $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 stated the funds have been really spent on private bills, resembling “a house, luxurious vehicles and playing.”
Ngo, 34, advised traders that NL Expertise was supplying smartphone screens to a number of patrons, together with two that every ordered about $2 million value of NL Expertise merchandise, and ready false monetary and financial institution statements to again up his claims, based on the U.S. Lawyer’s Workplace.
Ngo pleaded responsible to a mail fraud cost final 12 months.
“Ngo swindled and conned harmless traders out of their hard-earned cash to help his lavish life-style,” FBI Particular Agent in Cost Suzanne Turner stated. “The false representations about wholesale buy orders value tens of millions and supporting phony enterprise information have been all lies. Ngo’s actions serve for example of the unconscionable greed that fuels these all too widespread fraud circumstances.”