A Washington state woman has pleaded guilty to wire fraud and bank fraud charges in a scheme to defraud millions of victims.
The case concerns a fake investment advisor who targeted the Korean community, including many elderly people. He says US Department of Justice (DOJ).
Jenny Yun Jeong Lee, 53, of Federal Way defrauded at least 28 people out of more than $3 million by posing as an investment advisor and promising them safe returns of up to 10 percent with no risks.
She pleaded guilty to three counts of wire fraud and two counts of bank fraud in US District Court in Seattle.
Lee set up shell companies, opened bank accounts in her names and used the victims’ money to cover personal expenses and her gambling addiction.
The Ministry of Justice says,
“Lee had victims write checks to one of the shell companies in order to ‘invest,’ or she induced the client to fund a self-directed IRA at a legitimate financial services company and then granted Lee access to manage the account. Lee would sometimes provide the financial services company with a promissory note to make it appear as if the client was lending money to one of Lee’s shell companies. This way she gained control of the investors’ funds.”
She spent at least $900,000 at casinos and some of the money was paid out in a Ponzi-like manner resulting in actual losses of more than $1.5 million.
She faces up to 30 years in prison. Sentencing is scheduled for September 18.
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