December 2, 2023

ALAMEDA — A 35-year-old man from Alameda has admitted to defrauding at the very least 20 individuals out of round $2 million as a part of a years-long Ponzi scheme, the U.S. Division of Justice mentioned Tuesday.

As a part of a plea settlement, Lengthy Nguyen admitted that between September 2015 and July 2021, he operated a scheme during which made false statements about himself to victims, in addition to the funding alternatives he might present and the way he would make investments individuals’s cash, in keeping with a press release issued by U.S. Legal professional Ismail J. Ramsey and FBI Particular Agent in Cost Robert Okay. Tripp.

Nguyen informed the victims they might get a month-to-month revenue in the event that they invested in his actual property funding belief, the Justice Division assertion mentioned. Nonetheless, Nguyen admitted that he used a few of his victims’ cash to pay again different victims, and he didn’t make investments many of the cash entrusted to him, the assertion mentioned. As an alternative, he used it for his personal private acquire.

Nguyen was indicted by a grand jury within the U.S. District Courtroom of Northern California in October 2022 on 4 counts of wire fraud, the assertion mentioned. He pleaded responsible to all 4 counts on Oct. 27. As a part of his plea settlement, Nguyen has agreed to pay at the very least $1 million in restitution to his victims.

Nguyen will probably be sentenced on Feb. 2, and he might withstand a most of 20 years in jail for every rely of wire fraud.