James Yiu Lee, a La Jolla resident, was sentenced yesterday (May 4) to 78 months in prison for defrauding investors of $10.5 million through online trading.
Lee told potential clients that he was a certified public accountant who had a PhD, JD, and master's of business administration degrees. Actually, he had previously been convicted in Northern California for embezzling money from pension funds. For that caper, he had been sentenced to 30 months in prison. He was told to return $2.88 million to his victims and coughed up less than $30,000.
Atrer emerging from prison, he landed in San Diego, invented his education background, and claimed falsely that he had extensive trading experience. He also claimed he had the funds to back any investors' losses — also a lie. Upon his sentencing, he was told to return $10.5 million to investors. They will be lucky if they get as much as their Northern California counterparts did.
James Yiu Lee, a La Jolla resident, was sentenced yesterday (May 4) to 78 months in prison for defrauding investors of $10.5 million through online trading.
Lee told potential clients that he was a certified public accountant who had a PhD, JD, and master's of business administration degrees. Actually, he had previously been convicted in Northern California for embezzling money from pension funds. For that caper, he had been sentenced to 30 months in prison. He was told to return $2.88 million to his victims and coughed up less than $30,000.
Atrer emerging from prison, he landed in San Diego, invented his education background, and claimed falsely that he had extensive trading experience. He also claimed he had the funds to back any investors' losses — also a lie. Upon his sentencing, he was told to return $10.5 million to investors. They will be lucky if they get as much as their Northern California counterparts did.
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