{"id":9057,"date":"2015-02-04T14:23:25","date_gmt":"2015-02-04T22:23:25","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=9057"},"modified":"2015-02-04T14:24:55","modified_gmt":"2015-02-04T22:24:55","slug":"woman-stole-24-million-200-ponzi-scam-victims-sentenced-prison","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=9057","title":{"rendered":"Woman who Stole $24 Million from 200 Ponzi Scam Victims Sentenced to Prison"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/laws-regulations-square.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-807\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/laws-regulations-square.jpg\" alt=\"laws-regulations-square\" width=\"95\" height=\"95\" \/><\/a>SANTA ANA, CALIF.<\/strong>\u00a0\u2013 A San Jose woman who was convicted of running a Ponzi scheme that bilked over 200 victims out of more than $24 million was sentenced Monday to more than 12 years in federal prison, officials said.<\/p>\n<p><strong>U.S. District Judge Josephine L. Staton, <\/strong>who\u00a0sentenced<strong>\u00a0Bich Quyen Nguyen,<\/strong> 60, said\u00a0the crime caused &#8220;physical, emotional and psychological harm to victims who, in some case, lost their entire life savings,&#8221; according to authorities.<\/p>\n<p>In addition to the prison term of more than 12\u00bd years, Judge Staton ordered Nguyen to pay $24.5\u00a0million as\u00a0restitution.<\/p>\n<p>Nguyen was found guilty conspiring to commit wire fraud in December 2013.<\/p>\n<p><strong>The evidence presented during a six-day trial showed the following:<\/strong><\/p>\n<ul>\n<li>Nguyen told victims that she was the chief executive officer Sun Investment Savings and Loan, which guaranteed annual returns of more than 30 percent on one-year certificates of deposit involving at least $1 million.<\/li>\n<li>Nguyen told victims that she used \u201ctrading platforms\u201d and made trades at a high frequency and velocity to achieve the high rates of return.<\/li>\n<li>Nguyen told victims that their investments were safe because the victims\u2019 money would be in \u201cblocked\u201d accounts.<\/li>\n<li>Nguyen further told victims that she had prepared for the 2008 financial crisis so their returns were still protected and guaranteed.<\/li>\n<li>While claims about the investment were bogus, Nguyen\u2019s \u201cfalse promises did persuade the victims to give up their life-savings,\u201d according to court documents filed by prosecutors. \u201cBecause of [Nguyen\u2019s] fraud, the victims were forced to put off their retirements and stretch their remaining resources to simply make ends meet.\u201d<\/li>\n<li>To get the rates that Nguyen fraudulently promised, victims from southern California and Nevada organized private investment clubs to pool the required $1 million.<\/li>\n<li>Several of the victim investment clubs were located in Anaheim and Rialto.<\/li>\n<\/ul>\n<p>During the second half of 2008, Nguyen and co-conspirators made presentations to victims across the region, with some of the presentations taking place at churches.<\/p>\n<p>In the Spring of 2009, the <strong>Securities and Exchange Commission<\/strong> obtained orders from <strong>U.S District Judge David O. Carter<\/strong> that prevented Nguyen and her co-conspirators from continuing to offer these investments.<\/p>\n<p>Following the issuance of the injunctions, a receiver and forensic accountant reviewed records and determined that the victims\u2019 money was never \u201csafe,\u201d in part because it was commingled with other victims\u2019 money; some of the victims\u2019 money was used to make Ponzi payments to other investors; and the promised investments were never made.<\/p>\n<p>Despite Judge Carter\u2019s orders, Nguyen in May and July 2009 continued to offer investments in Las Vegas and overseas.<\/p>\n<p>In sentencing papers that described Nguyen as being \u201crelentless in the execution of her fraud,\u201d prosecutors cited numerous false promises to victims, lies she told during her trial (including blaming a dead man for the scheme) and a complete lack of remorse. Nguyen has \u201cfailed to take any responsibility for the over [$24] million that victims lost due to her fraud,\u201d according to one sentencing memo. \u201cDefendant\u2019s \u2018pass-the-buck\u2019 attitude cannot be ignored when there are over 200 victims due to her fraud.\u201d<\/p>\n<p>Nguyen has been in custody for over year after being remanded into custody by Judge Staton when the trial concluded.<\/p>\n<p>Previously in this case, another member of the conspiracy \u2013<strong> Johnny Edward Johnson,<\/strong> 70, pleaded guilty to conspiracy to commit wire fraud.<\/p>\n<p>Johnson, who facing up to 20 years in federal prison, \u00a0will be sentenced on Feb. 27, officials said.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SANTA ANA, CALIF.\u00a0\u2013 A San Jose woman who was convicted of running a Ponzi scheme that bilked over 200 victims out of more than $24 million was sentenced Monday to more than&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[1176],"class_list":["post-9057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-ponzi-scam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Woman who Stole $24 Million from 200 Ponzi Scam Victims Sentenced to Prison<\/title>\n<meta name=\"description\" content=\"Woman who duped 200 Ponzi Scam victims sentenced to prison\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cjnotebook.com\/?p=9057\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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