In what can be described as a calculated act of deception, a Burnsville man, Thomas Thanh Pham, has admitted to wire fraud amounting to over $1.2 million, as announced by U.S. Attorney Andrew M. Luger. Court documents revealed that the 53-year-old CEO of Enterprise Products, LLC schemed to swindle a San Jose-based electronics manufacturer through false pretenses and fabricated business relationships.
The con unfolded between 2019 and 2020 as Pham engaged with the victimized company, labeled Victim A, pitching the ability of his company, Enterprise Products, to broker lucrative contracts with major electronics firms; however, he supported his claims with counterfeit contracts and correspondence, the tactics were effective enough to coerce Victim A to part with a “deposit bond” of $1,278,000 in 2019. The perpetrator, in his pursuit to maintain the illusion of legitimate business dealings, delivered approximately 20 stolen electronic devices for supposed repair services to Victim A, as part of the deceitful contract agreement.
Pham's elaborate scheme came apart when the full execution of the contracts failed to materialize and subsequent promises and excuses could no longer sustain the fraudulent narrative. Pham, who misappropriated Victim A’s funds for unrelated transactions, did not have the expected millions to be derived from repair services, a fact that surfaced as excuses proliferated and the company’s demands for a refund intensified.
Following an investigation by the FBI, Pham's admission of guilt was entered in the U.S. District Court before Judge Joan N. Ericksen on Friday, acknowledging the one count of wire fraud. Assistant U.S. Attorneys Matthew S. Ebert and Rebecca E. Kline are handling the prosecution.
