Alameda resident Long Nguyen has been sentenced to 30 months in prison after pleading guilty to defrauding at least 20 individuals out of millions of dollars. The sentencing comes as a result of Nguyen’s admission to four counts of wire fraud, which he pleaded guilty to in October of last year. In addition to the prison term, Nguyen has been ordered to pay nearly $1.5 million in restitution and forfeit $1 million.
According to a federal press release, Nguyen confessed to making false statements between September 2015 and July 2021, deceiving his victims into providing him with funds that he used for personal enrichment. The press release states that Nguyen falsely portrayed himself as a billionaire establishing his own hedge fund, claiming that other individuals had invested with him and achieved substantial profits. He also fabricated investment opportunities for his victims, promising monthly income and even offering to purchase luxury items such as Teslas and homes for them.
Nguyen further admitted to creating counterfeit screenshots of investment account balances to support his fraudulent claims. The federal press release reveals that he intentionally deceived his victims, acknowledging that he did not invest the majority of the funds he received. Instead, he utilized the money for personal expenses or to repay other victims.
The government’s sentencing memorandum highlights Nguyen’s continued deception when victims requested their money back. He provided false explanations, including being audited, frozen accounts, and attributing delays to lawyers or the bank. Additionally, Nguyen sent fraudulent checks that victims were unable to cash.
Upon completion of his prison term, Nguyen will be subject to three years of supervised release.
