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November 21, 2019

Posted  November 21, 2019

Jin K. Chung was sentenced to 10 years in prison following his guilty plea on charges related to a foreign exchange trading scam he created and ran.  Chung started two companies, SNC Asset Management, Inc., and SNC Investments, Inc., advertising them as highly successful foreign exchange trading firms and promising investors annual returns between 24% and 36%.  Hundreds of individual investors opened accounts with SNC; Chung deposited their money bank accounts he controlled and sent them phony statements.  In his guilty plea, Chung acknowledged that more than 400 victims lost over $60 million as a result of his scam.  Chung was originally charged in 2009, but not extradited from South Korea until 2019.  USAO ND Cal

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Foreign Exchange, Ponzi Schemes,