Duc Nguyen, 56, Charged with 12-Count Investment Fraud Scheme in Missouri

Kansas City, MO – A Houston, Texas man has been indicted by a federal grand jury for a brazen investment fraud scheme that bilked millions from unsuspecting investors.

According to the indictment, Duc Nguyen, also known as ‘Doug,’ proposed an opportunity for high net worth individuals to invest in the purchase, refurbishing, and sale of used oil equipment. He allegedly told Phillip and Brian Hudnall that profit from these transactions would be three to five times the amount of the investment.

Between May 3 and Sept. 19, 2018, Brian Hudnall wire transferred $415,000 to Nguyen for the purchase, refurbishment, and shipping of the oil equipment. Phillip Hudnall transferred $1,075,000 to Nguyen between April 15 and June 17, 2019, for the same purpose.

However, Nguyen’s actions were nothing short of a Ponzi scheme. He spent the money on personal expenses, including tens of thousands of dollars at several casinos, instead of using it for its intended purpose.

The indictment charges Nguyen with 12 counts of wire fraud related to wire transfers of funds into his bank accounts. Assistant U.S. Attorney Paul S. Becker is prosecuting the case, which was investigated by the FBI.

The charges against Nguyen are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

The case serves as a stark reminder of the dangers of investment scams and the importance of doing due diligence before investing your hard-earned money.

MORE FEDERAL CRIME NEWS

White Collar Crime

Jeffrey K. Skilling, Securities Fraud, Texas 2006

Jun 21, 2013

White Collar Crime

Calelah John Lattisaw, Social Security Benefits Theft, Maryland 2016

May 16, 2016

White Collar Crime

De Jesus Ruiz, Wire Fraud, Nevada 2010

Jan 15, 2010

White Collar Crime

Corporate Fleet Mana, Wire Fraud, Virginia 1985

Jan 15, 1985