As alleged in the complaint, Nguyen offered investors the chance to invest in a “fund” he called “Nguyen Tran Le Fund”; undisclosed to investors, however, the so-called fund is really a collection of financial accounts held by Nguyen, NTV, and Nguyen’s girlfriend. Nguyen also, according to the complaint, falsely promised investors 16% annual returns, that their investments were 100% guaranteed, that he had never lost money managing client accounts, and that they could withdraw their money at any time-all while he was losing significant investor money. Nguyen allegedly also improperly used about $600,000 in investor funds for business and personal expenses, including purchases of a home and vehicles.
On June 14, 2019, the district court granted the SEC’s request for a temporary restraining order against Nguyen and NTV. The court’s order freezes the defendants’ assets and temporarily bars Nguyen from accessing his clients’ brokerage accounts. On June 24, 2019, the district court issued an order appointing a receiver. The SEC’s motion for a preliminary injunction extending the emergency relief through the conclusion of the case has been set for July 8, 2019.
The SEC’s investigation was conducted by staff in the SEC’s Los Angeles Regional Office. The SEC’s litigation will be led by Douglas Miller and Amy Longo. The SEC acknowledges the assistance of the FBI in this matter.