SAN DIEGO – Jonny Ngo, the former president and chief executive officer of NL Technology, LLC, was arraigned today on a 21-count indictment charging him with wire fraud, mail fraud and money laundering in connection with operating a $65 million investment fraud. The hearing took place in federal court before U.S. Magistrate Judge Mitchell D. Dembin after the indictment was unsealed. According to the indictment, Ngo induced his victims to invest funds in various short-term investment contracts by making false representations, including that: (a) investor money would be used to fund wholesale purchase orders of smartphone screens and other electronic goods; (b) NL Technology was a regular supplier of smartphone screens to a number of buyers, including two buyers who each ordered approximately $2 million of product from NL Technology; (c) all wholesale orders funded by investor money was pre-purchased by NL Technology clients; and (d) the quality of the...
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