It started off with several thousand, then a hundred thousand and then a house. Attorneys detail how Derek Chu and his father used their close ties to the Chinese community to defraud victims of millions.
Derek Chu is accused of defrauding victims in a $39 million Ponzi scheme that promised returns from the resale of Warriors tickets, and luxury suites.For the first time, we're hearing from one of the victims targeted in a $39 million Ponzi scheme, allegedly orchestrated by an East Bay man.
In many of those cases, victims say they were scammed out of not only hundreds of thousands of dollars - but their homes. The U.S. Department of Justice alleges that 41-year-old Derek Chu targeted over a hundred victims.Zelle scammers steal $3,500 saved for late Bay Area mom's headstone, Bank of America denies claim"You feel ashamed, you feel violated, you feel embarrassed. You feel afraid," said Kingsley, who requested we only use his nickname.
Kingsley says Felix was well-connected in the Chinatown community and his mom, would give him and his son Derek small amounts of money with the promise of a significant return.
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