GRIMY TIMES EXCLUSIVE — Bellevue’s Chris Young Yoo has entered a guilty plea in U.S. District Court in Seattle for his involvement in a massive Ponzi scheme that defrauded investors out of over $3.6 million.
The 44-year-old investment advisor, who was the majority owner and operator of Summit Asset Strategies, promised investors he would invest their money in funds under his management. Instead, Yoo admitted to using client funds for personal expenses, leading to a significant loss for his clients.
Records filed in the case reveal that between 2006 and 2015, Yoo misused the investments of 17 investors by funneling their money into a separate bank account rather than the Summit investment funds. This fraudulent activity resulted in a substantial financial loss for his clients, with over $3.6 million at stake.
In addition to the Ponzi scheme, Yoo also provided false information to the Securities and Exchange Commission (SEC) regulators during an investigation into his management of two investment funds. He submitted misleading documents to conceal the bank account used for fraud, falsely claiming it belonged to a relative and that payments were loan repayments.
Despite reaching a settlement with the SEC in 2015, which required him to pay restitution and禁止 further fraud, Yoo continued to defraud investors. His actions were investigated by the FBI and the Washington State Department of Financial Institutions, and he will be sentenced on June 22, 2017, by U.S. District Judge Thomas S. Zilly.
The prosecution and defense are recommending an 80-month prison term for Yoo, who faces significant legal consequences for his fraudulent activities. Assistant United States Attorney Seth Wilkinson is handling the case.
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Key Facts
- State: Washington
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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