Two men in New York have been charged with defrauding investors out of $1.1 million, reports QNS.
Tae Hung Kang (Kevin Kang) and John Won face charges of wire and security fraud stemming from transactions that go back to 2010 to 2013.
If convicted they could face 20 years in prison.
Prosecutors accuse Kang and Won of “preying upon the kinship of their target group,” Korean Americans, reports Reuters.
The indictment states ads in Korean newspapers falsely tauted “Aset” and “Super Power-Bot” algorithmic trading methods would generate 10% monthly profits.
The victims were enticed to invest in Forexnpower which is also known as Safety Capital Investment Inc.
Both defendants are out on $100,000 bail.
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