Francesc Riverola,
CFTC Charges California-Based SNC Asset Management, Inc., SNC Investments Inc., CEO Peter Son, and CFO Jin K. Chung in an $85 Million Forex Ponzi Scam
Defendants Targeted Korean Community in the San Francisco Bay Area
Washington, DC –The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an action in federal court in San Francisco charging SNC Asset Management, Inc., (SNC Asset) and SNC Investments, Inc., (SNC Investments), both of Pleasanton, California (collectively SNC), and Chief Executive Officer Peter Son and Chief Financial Officer Jin K. Chung, with operating an $85 million fraudulent foreign currency (forex) scam involving approximately 500 customers. The CFTC seeks an emergency restraining order freezing assets and preserving the records of the defendants
The CFTC’s complaint, filed today, charges defendants with misappropriating customer funds to pay off other customers and to pay personal and business expenses. The defendants are also charged with fraudulent solicitation and the issuance of false statements to customers to conceal their misappropriation and lack of trading. As alleged, defendants abruptly closed operations, and Son and Chung disappeared.
Full Story