Haena Park, the Harvard-educated financier who pleaded guilty to the commodities fraud that bilked over 40 investors of more than $23M, is sentenced to three years in prison. Park defrauded friends and family over six years, beginning in 2008, by soliciting investments in different commodities and securities, including equities, futures, and forex transactions.
Even after she lost investors’ money, Park continued to solicit new investors, claiming up to 50% yearly returns and generating false monthly statements that concealed the large losses. Among her victims were immigrants who worked multiple jobs, older investors who saw their life savings disappear, and a paraplegic who suffered $4M in investment losses.
After Park pleaded guilty early this year, then-US Attorney Preet Bharara said that Park was not just admitting to the fraud, but also acknowledging that she lied about her trading expertise, as well as return rates, to draw in investors.
According to filings and statements submitted in court, Park did not have a successful history as a forex trader. If anything, she consistently did not fare well. Park also is accused of using new investor funds to repay earlier investors in a Ponzi-like scam.
Unfortunately, friends and family have been known to be bilked friends or family. It can be devastating to discover that not only have you sustained financial losses but also your losses were because you were betrayed by someone you loved and/or trusted. At Shepherd Smith Edwards and Kantas, LTD LLP, we have successfully represented investors with these types of sensitive cases.
Over the years, we have helped thousands of investors in recouping their securities fraud losses from the negligent parties. Contact us today so we can help you determine your best course of action.
Harvard-grad financier gets 3 years in prison for $23M fraud, Associated Press/Star Tribune, July 11, 2017