Orange County residents Thao Thi Kim Nguyen and Nghiep Chinh Nguyen are facing federal charges after allegedly orchestrating a brazen $2.2 million mortgage fraud scheme targeting vulnerable homeowners. The pair is accused of systematically stealing the identities of elderly Vietnamese Americans and using them to illegally cash out mortgages on their properties.
Federal prosecutors allege the scheme ran for four months in 2018. Thao Nguyen allegedly set up bank accounts specifically to funnel the stolen funds. Nghiep Nguyen and other accomplices then impersonated the victims, forging signatures on crucial documents – bank forms, mortgage paperwork, even property deeds – to convince lenders they were authorized to access the equity in the homeowners’ properties. Counterfeit California driver’s licenses and Social Security cards were reportedly used to bolster the deception.
The scam wasn’t subtle. According to the indictment, over $2.1 million in fraudulent wire transfers landed in the accounts controlled by Thao Nguyen. She then moved the money around, withdrawing approximately $1 million in cash and distributing the rest amongst her co-conspirators. The victims, many of whom were elderly and limited English proficient, were left unknowingly facing financial ruin.
Investigators from the FBI, FDIC Office of Inspector General, and IRS Criminal Investigation, with support from local agencies like the Long Beach Police Department and California Attorney General’s Office, painstakingly untangled the web of deceit. The investigation revealed a calculated effort to prey on a specific community, exploiting trust and vulnerability for personal gain.
Both defendants have pleaded not guilty, but if convicted on all counts – conspiracy to commit bank and wire fraud, plus aggravated identity theft – they each face up to 30 years in federal prison for each fraud charge. The aggravated identity theft charges carry mandatory two-year sentences, stacking on top of any other prison time. That’s a potential of 32 years behind bars.
Assistant U.S. Attorneys Charles E. Pell and Gregory B. Wagner are leading the prosecution. Anyone with information related to the case can contact Public Information Officer Ciaran McEvoy at ciaran.mcevoy@usdoj.gov or (213) 894-4465. The feds are determined to see these defendants held accountable for allegedly robbing seniors and exploiting the financial system.
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