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Investor Lawyers BlogInvestment Fraud: Man Who Pretended to be Financial Adviser Pleads Guilty to $13M Scam, Ponzi Fraudster is Accused of Bilking Friends & Coworkers, and Real Estate Scammers Must Pay Back Investors $30M
Man Accused of Targeting Religious Congregation Members Admits to $13M Fraud
Sung “Laurence” Hong has pleaded guilty to money laundering and wire fraud, as well as to pretending to be an investment adviser so he could bilk clients of almost $13M. His plea agreement states that Hong mostly targeted members of religious organizations.
This is not the first time Hong that was caught for investor fraud. He served three years in prison after defrauding a neighbor of about $800K. Now, he may end up back in jail for decades.
SEC Files Case Against Man Accused in $250K Ponzi Scam
The US Securities and Exchange Commission has filed charges against Niket Shah, who is accused of stealing over $250K from coworkers and friends in a Ponzi scam. The regulator’s case comes in the wake of complaints brought by investors.