Heywood Chang, Toni Chen, Wendy Lee, David Guo, Kiki Lin—Alleged Ponzi Scheme
Heywood Chang, Toni Chen, Wendy Lee, David Guo, Kiki Lin Allegedly Ran a $30 Million Ponzi Scheme Targeting Chinese-American communities in LA, San Francisco and New York City
Heywood Chang, 47 and Toni Chen, 46, a couple who lived in Hacienda Heights; Wendy Lee, 53, of Rowland Heights; David Guo, 53, and Kiki Lin, 50, allegedly operated a $30-million illegal pyramid scheme targeting Chinese American communities in Los Angeles, San Francisco and New York City, according to reports from Court Reports in California.
Said Court Reports further allege that the group, for about three years beginning in 2011, claimed to operate Hong Kong-based companies that purported to make money selling online education courses for children.
Furthermore, authorities in California allege that the more than $30 million generated was actually from investor cash, and not from the alleged educational courses, and that the only way investors could see returns was by bringing in new investors.
Five Los Angeles-area Residents Sought Chinese-American Investors Who Would Allegedly Turn over Payments of $1,380 and Were Falsely Promised Returns and Shares of the Company ahead of a Public Offering
The aforementioned five Los-Angeles-area residents allegedly solicited investors who purportedly handed over payments of $1,380 and were falsely promised easy returns and shares of the company ahead of a public offering, according to reports from Court Reports in California.
Finally, the five allegedly kept $6.5 million of the $30-million, with the remaining money spread between others who were a part of the pyramid, authorities allege.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of Ponzi schemes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Ponzi schemes are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.