California Couple Carried Out Ponzi-Like Scheme, SEC Says

A California couple defrauded more than 1,400 investors, primarily members of the Vietnamese and Latino communities, through a Ponzi-like scheme, the SEC alleged.

Linh Thuy Le and Trong Hoang Luu raised at least $26.5 million from March 2022 to November 2023 by falsely promising guaranteed monthly returns as high as 15% or annual returns over 360%, along with a return of principal after one year, according to the Securities and Exchange Commission’s complaint Wednesday in the US District Court for the Central District of California.

Instead of operating a legitimate business, Le and Luu—through their companies Inventis Ventures LLC and ...