Legal News

Ponzi scheme of the week: SEC charges two CA men who targeted Korean-Americans

By Richard Binder

A Los Altos man and his Danville business partner were charged in civil proceedings by the Securities and Exchange Commission on Tuesday with running an $80 million Ponzi scheme targeting Korean-American investors.

Peter Son and Jin K. Chung had about 500 investors in the United States, South Korea and Taiwan, the SEC said Tuesday. Funds were used to pay some investors and expenses including mortgage payments on Son's multimillion-dollar home, the agency said. The regulator is seeking to freeze their assets.

Son, of Danville, and Chung, who lives in Los Altos, ran their investment program through SNC Asset Management Inc. and SNC Investments Inc., according to the suit filed at federal court in San Francisco.

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Full post as published by Legal Pad | LA on June 10, 2009 (boomark / email).