Asians behaving badly... phony political connections edition! In Irvine, California, a financial phony -- who called himself "chairman" of the U.S. Senate Advisory Committee -- and his mother are accused of luring investors with fake-ass claims about high returns and lofty political connections: FBI seeks victims in Irvine wire fraud case.26-year-old Jack Hu and his mother 62-year-old Kuei Fuang Tsuei Hu were indicted last month on suspicion of wire fraud. They apparently attracted investors with tales of sponsoring visits to China by former Presidents Bill Clinton and George W. Bush.
Their victims were, of course, mostly Chinese immigrant investors.
In return, they promised, investors would reap as much as 10 percent per month.If convicted of wire fraud, the Hus face maximum sentences of 60 years in federal prison. Have fun living the high life in prison, "Chairman" Hu. More here: Jack Hu and Mother Kuei Fuang Tsuei Hu Accused of Investment Scam Involving Bush, Clinton and Gore.
A federal grand jury concluded the tales were false and indicted the pair last month on suspicion of wire fraud. It also indicted Jack Hu alleging the use of the great seal of the United States to add authenticity to the scheme. His business card claimed he was "chairman" of the U.S. Senate Advisory Committee.
Contrary to the promises of high-level diplomacy and high returns, the FBI said, much of the investors’ money went to the Hu’s personal expenses, including gambling trips to Las Vegas. The victims were primarily Chinese-Americans.
The indictment lists three wire transfers totaling $310,000 from two accounts in early 2010.
The FBI is looking for other victims. Anyone who thinks they got scammed to is asked to call the FBI's Santa Ana office at 714-542-8825.
