A Washington state woman has been charged with wire and bank fraud in a scheme that defrauded millions.
The case involves a fake financial advisor who targeted Koreans including many elderly people, he says US Department of Justice (DOJ).
Jenni Yoon Jeong Lee, 53, of Federal Way defrauded at least 28 people out of more than $3 million by posing as a financial advisor and promising safe returns of up to 10 percent with no risk.
He pleaded guilty to three counts of wire theft and two counts of bank fraud in US District Court in Seattle.
Lee created shell companies, opened bank accounts in their names and used the money to pay for his spending and gambling habits.
says the DOJ,
“Lee told the victims to write checks to a shell company to ‘deposit,’ or tricked the customer into making a deposit into a self-directed IRA at a licensed financial institution and giving Lee control over the account.
He spent at least $900,000 in casinos and some of the money was returned as a Ponzi scheme resulting in an actual loss of more than $1.5 million.
He faces up to 30 years in prison. Sentencing is expected on September 18.
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