Whitestone and Bayside Residents Sentenced to Jail for Defrauding Korean American Community in Queens: Feds – QNS.com
On September 15, a Whitestone man was sentenced in federal court in Brooklyn to one year and a day in prison for his role in a scheme targeting the Korean American community in Queens.
John Won, 53, was also ordered to pay $842,000 in restitution following his 2021 conviction at trial on all counts, including securities fraud, wire fraud and conspiracy to money laundering, as well as substantial securities fraud.
Won’s co-defendant Tae Hung Kang, 57, of Bayside, pleaded guilty to securities fraud conspiracy and was sentenced to two years in prison in 2021.
Between October 2010 and December 2013, Won conspired with Kang and others in a scheme to defraud the victims, who were largely members of New York’s Korean American community, into investing in money-lending accounts. exchange and in their company, called ForexNPower. Prosecutors said they published advertisements in Korean-language newspapers and on Korean-language radio stations claiming that ForexNPower had a secret algorithmic trading method used to trade in the forex market that guaranteed investors $10 monthly returns. % without risk of loss.
Prosecutors said ForexNPower had no successful trading methods and their client accounts suffered substantial losses.
Won and Kang also tricked investors into buying shares issued by ForexNPower, falsely claiming that the funds invested would be used to expand the business to a new location in New Jersey or pooled and used to exchange foreign currency. .
“John Won and Kevin Kang shamelessly defrauded members of the Korean-American community in our district out of their nest eggs and savings,” U.S. Attorney Breon Peace said. “This sentence shows what fraudsters and scammers should expect when targeting innocent victims – they will be arrested, punished and ordered to return their ill-gotten gains.”