Man convicted in Brooklyn Federal Court of securities fraud targeting Korean Americans
John Won was convicted by a jury in Brooklyn Federal Court Tuesday on five counts of an indictment charging him with securities fraud, wire fraud and money laundering conspiracies, as well as substantive securities fraud.
The verdict followed a week-long trial before United States District Judge Raymond J. Dearie. When sentenced, Won faces a maximum of 20 years in prison.
Between February 2012 and December 2013, Won conspired with co-defendant Tae Hung Kang and others in a scheme to defraud victims, who were largely members of New York City’s Korean American community, into investing in foreign exchange trading accounts and in their company, called ForexNPower.