BOSTON (AP) - A federal judge sentences a couple convicted of running a $27 million pyramid scheme targeting immigrants.
James Bunchan will spend 35 years behind bars for running the scheme that took money from about 500 victims, most from the Cambodian-American community.
The 57-year-old had homes in Attleboro and Quincy as well as Florida.
His 61-year-old wife, Seng Tan, was sentenced to 20 years.
The couple had homes in Attleboro, Quincy, Florida and Minnesota. They were convicted in June.
Prosecutors say the victims of the scheme were told they would receive $300 a month for the rest of their lives -- and the lives of their children -- for every $26,000 they invested.
But prosecutors say the payments eventually stopped, and that Bunchan spent investors' money on gambling, fancy cars and trips to the Bahamas.
James Bunchan will spend 35 years behind bars for running the scheme that took money from about 500 victims, most from the Cambodian-American community.
The 57-year-old had homes in Attleboro and Quincy as well as Florida.
His 61-year-old wife, Seng Tan, was sentenced to 20 years.
The couple had homes in Attleboro, Quincy, Florida and Minnesota. They were convicted in June.
Prosecutors say the victims of the scheme were told they would receive $300 a month for the rest of their lives -- and the lives of their children -- for every $26,000 they invested.
But prosecutors say the payments eventually stopped, and that Bunchan spent investors' money on gambling, fancy cars and trips to the Bahamas.
10 comments:
THAT'S WHAT THEY DESERVED. I have to admitted, this scheme came across me a couple of times from a Cambodian friend of mine, but I didn't buy it, Sound every fishy to me at that time, and Now I'm happy that my gut instinct help me getting into this traps. Hehe, my friend lost his house and I feel bad for him because I still have my house. LOL it's funny.
Fucking communist US always oppressing people freedom to operate their own businesses.
Even if it is a clear scam, they should not interfere any business because people in the US are all fully educated to look out for themselves like 8:24.
On the other hand, I don't mind see poor country government look out for their poor people because lot of them are fully educated.
The Pyramid Scheme is a legitimate money-making scheme which has been allowed to operate in many countries. The problems begin when the scheme operators have a secret agenda to cheat money out of their members. Not all people in the U.S. are fully educated. A significant proportion of migrants settled down in the U.S. cannot even speak basic English, let alone reading it.
A legitimate big business, such as Ariston, could also cheat a stupid government to maximise their investment and profits. They started their business in Cambodia with a lot of promises but delivered very little and got away with it, because the stupid Cambodian government officials did not bother to read every page of the contract which they were going to sign. With the dollar notes hanging over their eye-lids, they could even sign away their country to Ariston. And, we know who these high-ranking government officials are.
It's the government's duty to welcome good businesses and investments and to turn away bad businesses and investments. They're the guardian of their own people who elected them to lead. If we don't even understand this basic principle of government we will be the uneducated ones. When the government officials are also involved in bad businesses and corruptions the country and the people are the sure losers.
Well, I only go by what Ah Khmer-US were bragging to us all along, 10:12. Despite contradicting many reports, Ah Khmer-US are very proud of the US fool proof compulsory education law that required everyone (including Ah Khmer-US) to be educate. Furthermore, the US had spend billion and billion to ensure people are able to look out for themselves against scams. Thus, it make no sense for them to spend billion and billion more to oppress freedom to do business. They should either go one way or the other and give the taxpayer a break. Am I wrong?
These people are not as educated as they claimed. Once you're slaves, you'll always be slaves.
MOI
Yes, that does make sense.
Thanx, lok Kru (1:41)!
2:36 PM:
Anytime for a brother!
Anti-KI Clients!
MOI
12:15 and 1:41
We're Khmer/US are better of than Ah Khmer/Youn Hanoi like you two. Khmer/US doesn't worry where to run when civil war erupt in Srok Khmer. Where AH Khmer/Hanoi need to run back to Ho Chi Minh.
For Khmer/American who lost their investment with this couple and other schemes such as WMA, etc..., I agreed with the first comment. I myself met some professional Khmers who are computer science, civil engineer or business people in the US lost their savings because of their greedy to make money. When I heard about these companies, I know in the first place it's a scheme. But, some of us don't use their educated brain and fall for it. Not me my friend. I'm not that stupid. How can you lease Mercedez for showing off and try to make money for that couple?
Well they all deserve to learn a lesson how people cheat one another for money.
A lot of crooks out there are waiting to scam us.
Be Ware and Watch out
12:27 AM:
You should not be blaming anyone but yourself for the mistake you made.
You've completely ignored and become oblivious to the fact that you used to live in Cambodia, and now you have encountered problems because you have spent too much time in the Western world and have allowed yourself to become too Americanized and forgot yourself that you’re Cambodia. Further, not only you have problems with Cambodian culture, but you also have difficulty in assimilating and acculturating in the Western world. I have seen many of you who are ingesting Khmer food in the United States 24/7 (even your Americans counterpart have frequently called you a “Rice burner.” However, what I don’t quite understand is that why are you people ostentatiously pretending like you’re dying if you don’t have hamburger or French-fries for your meal when copious Khmer foods were readily available? Customarily, be yourself, and remember where you came from, and you’ll do fine. You should not lambaste anyone but your own mistake and failure.
MOI
Perhaps some of the KI clients' need to be washed with soap for that profanity that's coming out from that stinking mouth.
The truth of the matter is you will never have a plausible debate or discussion here,because these people have problems with their mouth. That's why I decided to treat them like dirt.
MOI
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