{"id":23167,"date":"2016-05-05T16:30:31","date_gmt":"2016-05-05T23:30:31","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=23167"},"modified":"2016-05-05T16:32:11","modified_gmt":"2016-05-05T23:32:11","slug":"man-allegedly-operated-7-million-ponzi-scheme-allegedly-fleeced-400-investors-arrested","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=23167","title":{"rendered":"Man Who Allegedly Operated a $7 Million Ponzi Scheme that Allegedly Fleeced 400 Investors Arrested"},"content":{"rendered":"

LOS ANGELES<\/strong><\/span><\/p>\n

\n

The operator a Brea-based investment company that prosecutors allege was a Ponzi scheme that brought in about $7 million with promises of breakthrough products made with graphene was arrested today on federal fraud charges.<\/span><\/p>\n

\"U.S.The FBI took Wenxing Huang<\/strong>, who is also known as \u201cDi Peng\u201d and \u201cFatty,\u201d 33, of San Gabriel, into custody, according to officials.<\/span><\/p>\n

A criminal complaint unsealed after the arrest charges Huang with wire fraud and money laundering, If convicted on these charges, Huang is facing up to 30 years in federal prison.<\/span><\/p>\n

Huang operated Ju Ding, Inc., which solicited funds from investors with false promises that their money would be used to develop technology based on graphene, which is a layer of pure carbon that is only one atom thick.<\/span><\/p>\n

But Ju Ding does not appear to have engaged in any business or to have sold any goods, according to the complaint.<\/span><\/p>\n

An FBI agent who reviewed Ju Ding financial accounts determined that approximately 400 victims invested more than $6.9 million in traceable funds (which does not include cash deposits that may have been made with the company).<\/span><\/p>\n

Huang used approximately half of the funds deposited with Ju Ding to purchase a $1.3 million home in Diamond Bar, luxury automobiles and jewelry.<\/span><\/p>\n

Promotional materials for Ju Ding promised \u201cQuick profit, wealth creation by helping you make shortcut to your riches,\u201d according to the affidavit. <\/span><\/p>\n

Huang allegedly orchestrated a Ju Ding holiday party at the end of 2013 at the Long Beach Convention and Entertainment Center in which luxury items, including a Mercedes-Benz automobile were raffled off. Records from the facility show that the event for 2,000 people cost more than $180,000.<\/span><\/p>\n

\u201cMr. Huang misled hundreds of investors with get-rich-quick promises decorated with fancy cars and parties,\u201d said U.S. Attorney Eileen M. Decker. \u201cExtravagant promises of instant wealth are almost assuredly frauds, and potential investors should be especially wary of lavish pitches such as those employed by Mr. Huang.\u201d<\/span><\/p>\n

As part of the scheme, Huang allegedly offered compensation to investors who recruited others, according to the complaint. It alleges that many investors received little, if any, return on their investments. However, about $2.2 million appears to have been returned to clients in what were essentially Ponzi payments, according to officials.<\/span><\/p>\n

Huang is charged with money laundering for allegedly using about $1.2 million in investor funds to purchase the Diamond Bar home, which has since been sold.<\/span><\/p>\n

Huang is presumed innocent unless proven guilty.<\/span><\/p>\n

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But Ju Ding does not appear to have engaged in any business or to have sold any goods, according to the complaint.
\nAn FBI agent who reviewed Ju Ding financial accounts determined that approximately 400 victims invested more than $6.9 million in traceable funds (which does not include cash deposits that may have been made with the company).<\/p>\n","protected":false},"author":1,"featured_media":7040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[1446,77],"class_list":["post-23167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-investors","tag-ponzi-scheme"],"yoast_head":"\nMan Who Allegedly Operated a $7 Million Ponzi Scheme that Allegedly Fleeced 400 Investors Arrested<\/title>\n<meta name=\"description\" content=\"But Ju Ding does not appear to have engaged in any business or to have sold any goods, according to the complaint. 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