A woman in Washington State has pleaded guilty to charges of wire fraud and bank fraud in a scheme that defrauded victims of millions.
The case involves a fake investment advisor who targeted the Korean community including many elderly people, says the U.S. Department of Justice (DOJ).
Jenni Yoon Jeong Lee, 53, of Federal Way defrauded at least 28 people of over $3 million by posing as an investment advisor and promising safe returns up to 10 percent with no risk.
She admitted to three counts of wire fraud and two counts of bank fraud in U.S. District Court in Seattle.
Lee created shell companies, opened bank accounts in their names and used victim funds for personal expenses and her gambling addiction.
Says the DOJ,
“Lee got the victims to write checks to one of the shell companies for ‘investment,’ or she induced the client to fund a self-directed IRA at a legitimate financial services company and to then give Lee access to manage the account. Lee would sometimes provide the financial services company with a promissory note to make it appear the client was loaning money to one of Lee’s shell companies. In this way she gained control of the investor funds.”
She spent at least $900,000 at casinos and some money was repaid in a Ponzi-like manner resulting in actual losses above $1.5 million.
She faces up to 30 years in prison. Sentencing is scheduled for September 18th.
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This post Woman Admits To Stealing Over $3,000,00 in Washington State Bank Fraud Scheme may be modified as updates unfold.
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