Alameda, California resident Long Nguyen was found guilty of wire fraud, admitting that he led people to invest millions of dollars in a Ponzi scheme from 2015 to 2021.
Nguyen deceived victims by posing as a billionaire, falsely claiming to manage a real estate investment trust and claiming he was launching a hedge fund. Evidence of this deceit included doctored screenshots of investment account balances and false claims of purchasing assets such as Teslas and homes, according to the United States Department of Justice.
On October 27, Nguyen’s guilty plea was accepted, with sentencing set for February 2, 2024. For each count of wire fraud, Nguyen faces up the 20 years in prison. Furthermore, Nguyen agreed to pay a minimum of $1 million in restitution to grapple with the U.S. Sentencing Guidelines and the federal statute covering the sentencing process.
