Bay Area Woman Sentenced to Over 12 Years in Federal Prison for Running $24 Million Investment Scam
SANTA ANA, California – 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 today to serve 151 months in federal prison.
Bich Quyen Nguyen, 60, received the sentence from United States District Judge Josephine L. Staton, who said the crime caused physical, emotional and psychological harm to victims who, in some cases, lost their entire life savings.
In addition to the prison term, Judge Staton ordered Nguyen to pay $24,517,482 in restitution.
Nguyen was found guilty of conspiring to commit wire fraud in December 2013 by a jury that heard about Nguyen’s investment scheme, which offered purported certificates of deposit issued by a Swedish financial institution that she supposedly ran.
The evidence presented during a six-day trial showed that Nguyen told victims that she was the chief executive officer of 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.
Nguyen has been in custody for over a year after being remanded into custody by Judge Staton when the trial concluded.
Previously in this case, another member of the conspiracy – Johnny Edward Johnson, 70, pleaded guilty to conspiracy to commit wire fraud. Johnson, who faces a statutory maximum sentence of 20 years in federal prison, is scheduled to be sentenced by Judge Staton on February 27.
The investigation of Nguyen and Johnson was conducted by the Federal Bureau of Investigation. The SEC provided substantial assistance.
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Key Facts
- State: California
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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