man charged in investment scam

Asians Behaving Badly... investment scam edition! This week in New Jersey, Ha Young Park was arrested and charged with theft by deception for allegedly duping a high school friend into investing $1.4 million in a non-existent real estate project: Man charged in Ridgefield investment scam.

Park, who was also charged with forgery and misconduct by a corporate official, allegedly offered his friend the opportunity to invest in the project sometime between August 2007 and January 2008, explaining the project would yield a lucrative return.

Of course, we all know what happens after that. After investing more than $1.4 million, the friend became suspicious, and questioned Park about the project. To reassure him, Park showed him falsified documents that indicated Park had $18 million in an escrow account earmarked for the project.

But the escrow money was also a load of crap, and the prosecutor's White Collar Crimes Unit began its investigation. Park was arrested early Thursday at his house by prosecutor's detectives and police in Tuxedo, New York.

The friend believed and trusted Park because they had been friends since high school and attended the same church, where Park is an elder. If a friend approaches you with an awesome investment opportunity -- even your high school/church buddy -- be wary. And do not give him $1.4 million.