HAENA PARK, a Manhattan woman, has pleaded guilty in the Southern District of New York to commodities fraud, according to Preet Bharara, U.S. Attorney for the Southern District. The scheme defrauded over 40 investors out of more than $23 million. Park solicited investments under false pretenses, claiming expertise in forex trading, while actually losing millions.
From September 2009 to June 2016, Park operated through her firms, Phaetra Capital Management LP and Argenta Group, LLC, using misleading statements about her historical trading performance. She generated fake account statements and used new investor funds to pay back old ones in a Ponzi-like scheme.
Park faces up to 10 years in prison and a $1 million fine or twice the gross gain or loss from the offense. Sentencing is scheduled for April 28, 2017.
Bharara praised the Department of Homeland Security, Homeland Security Investigations, and the El Dorado Task Force for their roles in the investigation. Assistant U.S. Attorney Christine I. Magdo will handle the prosecution.
This case is being handled by the Office’s Securities and Commodities Fraud Task Force.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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