In a recent case that unfolded in Utah, a businesswoman named Crystal A. Huang was sentenced to 18 months imprisonment for securities fraud. The sentencing came after her conviction for defrauding investors of approximately $5 million through her company, ProSky Inc. Court documents revealed that Huang had offered false promises and information to potential investors, claiming her company had millions in recurring revenue when it did not. She also provided investors with falsified financial documents to support her claims. The scheme spanned from February 2015 to February 2020 and involved communication through email, telephone, and an online database. Huang has been ordered to pay monthly restitution and provided a check for $300,000 on the day of her sentencing. This case serves as a reminder of the importance of thoroughly researching investment opportunities and reporting any suspicious activity to law enforcement agencies.
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Background
In a recent case of securities fraud, a Utah businesswoman, Crystal A. Huang, was sentenced to 18 months’ imprisonment following her conviction for defrauding investors. Huang, the founder of ProSky Inc., offered investments in her company through false promises and misleading information. She deceived investors by providing falsified financial documents and claiming her company had millions in recurring revenue when it did not. Huang obtained over $5 million from approximately 13 investors through her scheme.
Summary of the Case
Crystal A. Huang, a Utah businesswoman and the founder of ProSky Inc., was sentenced to 18 months’ imprisonment and two years of supervised release after being convicted of securities fraud. She defrauded investors by providing false promises and misleading information about her company. Huang obtained over $5 million from approximately 13 investors through her scheme.
Securities Fraud Conviction
Crystal A. Huang was convicted of securities fraud after defrauding investors by providing false promises and misleading information about her company, ProSky Inc. She obtained over $5 million from approximately 13 investors through her scheme.
Sentencing
Huang was sentenced to 18 months’ imprisonment followed by two years of supervised release for her securities fraud conviction. She was also ordered to pay $1,200 per month in restitution.
Investigation and Prosecution
The case was investigated by the FBI Salt Lake City Field Office, Provo Resident Agency. Assistant U.S. Attorney Mark E. Woolf of the District of Utah prosecuted the case. The investigation revealed that Huang had deceived investors by providing falsified financial documents and false claims about the revenue of her company, ProSky Inc.
Details of the Scheme
Crystal A. Huang devised a scheme intended to defraud investors and obtain money and property under false pretenses for the benefit of her company, ProSky Inc. She misled investors by claiming her company had millions in recurring revenue when it did not. Huang supported her false claims by providing investors with falsified balance sheets, profit and loss statements, bank account statements, and customer lists.
False Claims and Deception
Huang deceived investors by making false claims about the revenue of her company, ProSky Inc. She claimed that the company had millions in recurring revenue, which gave investors a false sense of security about their investments. However, this claim was completely false, and Huang had falsified financial documents to support her false claims.
Victim Impact
The securities fraud committed by Crystal A. Huang had a significant impact on the victims involved. She obtained over $5 million from approximately 13 investors through her scheme, causing financial losses and emotional distress to the victims.
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Court Order and Restitution
On the day of her sentencing, Huang provided a check for $300,000 to the clerk of the court. She was ordered to pay $1,200 per month in restitution. The court’s order aims to compensate the victims for their financial losses.
Law Enforcement Collaboration
The investigation and prosecution of the securities fraud case involving Crystal A. Huang was a result of collaboration between the FBI Salt Lake City Field Office, Provo Resident Agency, and Assistant U.S. Attorney Mark E. Woolf of the District of Utah. This collaboration highlights the commitment of law enforcement agencies to prosecute individuals who commit fraud within our communities.
In conclusion, Crystal A. Huang, a Utah businesswoman, was sentenced to 18 months’ imprisonment after being convicted of securities fraud. Her scheme involved deceiving investors by providing false promises and misleading information about her company. Huang obtained over $5 million from approximately 13 investors through her fraudulent activities. The investigation and prosecution of this case were conducted by the FBI Salt Lake City Field Office, Provo Resident Agency, in collaboration with Assistant U.S. Attorney Mark E. Woolf of the District of Utah. The court’s order includes restitution payments to compensate the victims for their financial losses. This case highlights the importance of thorough investigation and collaboration between law enforcement agencies in combating securities fraud.
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