SEC Targets $80M Ponzi Scheme Aimed At Koreans

Law360, New York (June 9, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has accused two California men of orchestrating an $80 million Ponzi scheme specifically targeted at Korean-American investors.

Filed on Tuesday in the U.S. District Court for the Northern District of California, the civil complaint accuses Peter Son and Jin K. Chung, of Danville, Calif. and Los Altos, Calif., respectively, of defrauding investors out of approximately $80 million through their investment company, SNC Asset Management Inc.

Son, 37, served as the CEO of the company, and Chung, 46, was its chief...
To view the full article, register now.