A recent article on TBJ Now, through the
The Business Journal, reports that a suspected con artist who had relocated to South Korea
has now been escorted back to the US. Kwan Yong Choi, formerly of Fresno,
was brought back to California by federal agents to face charges related
to an alleged
Ponzi scheme. In all, the Ponzi scheme is believed to have cheated investors out of
about $2 million dollars.
Prosecutors allege that Choi lured investors in with false claims of
high returns, charitable contributions, and affiliation with the CIA. Although investors
were led to believe that their cash would go into secure investments that
would also benefit the “International Christian Mission Center,”
it is believed that Choi instead used investor cash to pay his own personal
expenses and purchase personal vehicles and real estate. Choi is accused
of sending false statements to investors and using the line of credit
on his home to launder investor cash.
Clark Settles, a special agent for Homeland Security Investigations in
San Francisco, said in a release that, “…the victims in this
case received promises of hefty profits, but they were the ones who ended
up paying the price, including some who lost their life savings. We owe
it to them to seek justice in this case.”
According to US Attorney Benjamin Wagner, Choi will be facing six counts
of money laundering related to the Ponzi scheme. If convicted, Choi could
face up to 20 years in prison and over a million dollars in fines.
If you or a loved one has become the victim of a Ponzi scheme or investment
scam, an experienced Ponzi scheme lawyer may be able to help.
Contact us today.