Long Nguyen, 35, of Alameda, California, United States is accused of defrauding at least 20 individuals out of approximately $2 million. Between September 2015 and July 2021, he operated a scheme to defraud his victims by making false statements about himself and his investment opportunities.
Nguyen admitted that he lied about how he would invest his victims’ money and what he did with their money. He devised and executed his fraudulent scheme with the intent to defraud his victims.
Instead of investing the majority of the victims’ money, Nguyen spent the money for his own personal use. He operated a Ponzi scheme by using money he had received from some victims to pay other victims back.
On October 18, 2022, a federal grand jury indicted Nguyen on four counts of wire fraud. On October 27, 2023, he pleaded guilty to all four counts.
U.S. District Judge Trina L. Thompson accepted Nguyen’s guilty plea. As part of the Alameda man’s guilty plea, he agreed to pay at least $1 million in restitution to his victims.
On February 2, 2024, Nguyen will be sentenced. He faces a statutory maximum of 20 years in prison for each of four counts of wire fraud.
CONAN Daily 