Oceanside’s Le Hit with $2M Investment Fraud

SAN DIEGO – The Department of Justice (DOJ) has brought federal charges against Sang Phuoc Do Le, 42, of Oceanside, for a $2 million investment fraud scheme that funneled investor cash into his own gambling and luxury car habit.

Le, also known as ‘Andy Le,’ is accused of using the alias to dupe investors who believed their money was backing Apple iPhone reseller businesses. Instead, according to court documents, Le used investor funds to fund his lavish lifestyle, including stays at casinos in Arizona and Las Vegas.

The DOJ’s United States Attorney’s Office for the Southern District of California charged Le with five counts of wire and mail fraud, stemming from a Ponzi-like scheme that promised high returns but delivered little more than empty promises. Investors were assured of large profits from overseas iPhone sales, only to find their money was used elsewhere.

Le’s arrest followed an FBI investigation into his activities at casinos across the nation. Records show Le deposited substantial cash and directed investors to send funds directly to casinos, where he gambled away the money. One wire transfer alone was for $792,500, which Le claimed would be used to purchase iPhones but instead was used for luxury cars, including a green Lamborghini.

Despite repeated claims of business viability, Le provided no evidence of actual iPhone sales. Instead, he offered falsified receipts purporting to be from Apple and assured investors that a $1 million iPhone order was pending.

Le’s scheme continued with lavish promotions, including dinners and trips to Las Vegas, as potential investors were enticed by his extravagant lifestyle. As the fraud unraveled, Le continued to pitch his investment program, promising high returns for those willing to invest. His downfall came when FBI agents uncovered a trail of casino records and business transactions that exposed the true nature of his ‘business’.