A jury found John Won guilty of defrauding hundreds of thousands of dollars from Korean Americans living in Queens, New York, reports Patch. Won got Korean Americans to invest in his foreign exchange trading company ForexNPower between 2012 and 2013 under the false notion they would receive 10 percent per month returns without risk. But his company “had no successful trading method and all of their customer accounts suffered substantial losses,” according to the DOJ. Won and his co-conspirator targeted the Korean-American community through advertisements in Korean newspapers and radio.
“John Won and his co-conspirators targeted the Korean-American community in our district and cheated them out of hundreds of thousands of their hard-earned dollars through a web of false promises, lies and deceit,” the United States Attorney Breon Peace said. “Today’s verdict demonstrates the resolve of this Office and our law enforcement partners to prosecuting those who engage in fraud and betray the trust of their investors.”
Won also urged his victims to buy approved stock in his company to expand his business but he misappropriated that money by buying false advertisements.
Won’s co-conspirator Tae Hung Kang also known as “Kevin Kang” pleaded guilty back in March to conspiracy to commit securities fraud. He is awaiting sentencing.
John Won was found guilty of five counts including securities fraud, wire fraud, money laundering, and substantive securities fraud. He faces 20 years in prison.