SANTA ANA — FBI agents Wednesday arrested a Yorba Linda couple on an indictment handed down in an alleged Ponzi scheme.
Linh Thuy Le, 59, and Trong Luu, 58, were arrested on charges of wire fraud and money laundering in a Sept. 17 indictment, according to court documents.
The two founded and operated Inventis Ventures Holding Inc. in Tustin. The company “was marketed as a purported invite-only ‘corporate capitalization loan program’ promising a safe investment with a high rate of return,” according to the indictment.
Le served as Inventis CEO and Lu was the chief financial officer.
The indictment alleges the scheme started in March 2022 and continued through early last year.
The two are accused of wooing investors through “word of mouth or referrals from existing inventors” in a yearlong loan contract with a “high rate of interest, payable monthly,” the indictment alleges.
Le “encouraged investors to make loans in cash,” the indictment alleges.
In exchange for at least a $5,000 loan, the two pledged to pay 15% interest monthly with repayment of the full principal at the end of the yearlong contract, the indictment alleges.
“Alternatively, investors could choose an ‘annual contract,’ forego monthly interest payments, and instead receive a ‘360%’ return on the loan and repayment of principal at the end of 12 months,” the indictment alleges. “When the loan term expired, investors had the option to enter into a new loan agreement.”
The money was not invested as promised and was instead used to make interest payments to previous investors, pay business expenses and on the defendants, the indictment alleges. Some of the money was allegedly used to pay for two Yorba Linda mansions and a waterfront condominium in Huntington Beach, the indictment alleges.
The two are accused of raising about $27.5 million from about 1,400 investors and pocketed about $7.4 million, the indictment alleges.