Alameda man pleads guilty to 4 counts of wire fraud, admits to running $2M Ponzi scheme

PIX Now Afternoon Edition 10-31-23

ALAMEDA — A man from Alameda admitted to defrauding at least 20 people as part of an almost $2 million, years-long Ponzi scheme, the U.S. Department of Justice said.

The DOJ said 35-year-old Long Nguyen pleaded guilty to four counts of wire fraud and admitted to running the scam from September 2015 until July 2021.

As part of his plea agreement, Nguyen admitted to falsely presenting himself as a billionaire, lying about his investment opportunities and the benefits of investing with him. The DOJ said he told victims they would get a monthly income if they invested in his real estate investment trust.

However, the DOJ said he admitted he was using his victims' money to pay back other victims, and most of the money was never invested. Instead, it was used for his own personal gain.

To deceive victims, the DOJ said Nguyen created fake screenshots of financial statements that showed victims were making money.

Nguyen will be sentenced on Feb. 2, and he could face up to a maximum of 20 years in prison for each count of wire fraud. The DOJ said the judge may also order Nguyen to serve an additional term of supervised released, pay a fine of up $250,000 per count, and pay restitution to victims.

As part of his plea agreement, the DOJ said Nguyen agreed to pay at least $1 million in restitution to his victims.

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