ARIZONA NEWS

Chandler man sentenced to 30 months in prison for fraud and embezzlement

Nov 15, 2021, 4:15 AM
(Pexels photo)...
(Pexels photo)
(Pexels photo)

PHOENIX — A Chandler man has been sentenced to 30 months in federal prison for securities fraud and embezzlement.

Vu Anh Nguyen, 26, previously pleaded guilty to orchestrating two fraudulent schemes, the U.S. Attorney’s Office District of Arizona said in a press release.

Nguyen as part of the sentence handed down by U.S. District Judge James A. Teilborg on Wednesday must also pay more than $700,000 in restitution to his victims.

The man made transfers of funds into stock trading accounts from bank accounts that he knew were insufficiently funded, a type of securities fraud known as “free riding.”

Nguyen then traded with the transferred funds during the two or three days it took for the insufficiency in funds to be processed, authorities said.

This resulted in losses to the trading entities of nearly $650,000.

The man also embezzled from his then-employer, Amazon.com, during the short time he was employed by the company.

Nguyen used his employee access to issue $96,000 worth of refunds to several buyer accounts he owned and controlled, authorities said.

Amazon found out about the fraud and reported it to the FBI.

Investigation of the case was conducted by the Federal Bureau of Investigation, Phoenix Division.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Ernie's Liquors owner Joseph Johny hands over a Mega Millions lottery ticket to a customer in Palo ...
KTAR.com

Lottery ticket sold in Glendale hits jackpot for $285K

A lucky lottery player hit the Arizona Lottery's Triple Twist Jackpot Thursday in Glendale to win $285,500.
7 hours ago
(Facebook photo / Phoenix Fire Department)...
KTAR.com

Newly named Pat Tillman Middle School held ribbon-cutting ceremony Friday

The former Balsz Elementary School is now officially Pat Tillman Middle School as a ribbon-cutting ceremony took place Friday.
1 day ago
(Phoenix Fire Department Screenshot)...
KTAR.com

Firefighters extinguish rooftop fire on large commercial building in Phoenix

Firefighters extinguished a fire on the roof of a large commercial structure located near 43rd Avenue and Buckeye Road in Phoenix Saturday.
1 day ago
(Mesa PD Mugshot)...
KTAR.com

Mesa suspect booked for repeatedly running over, killing man, police say

A 61-year-old man was arrested Friday for intentionally running over a resident multiple times in east Mesa, authorities said.
1 day ago
Virginia Walker, 64, was last seen in Phoenix on Friday. (Phoenix Police Department Photo)...
KTAR.com

Silver Alert issued for 64-year-old woman last seen in Phoenix

A Silver Alert was issued for a 64-year-old woman last seen in Phoenix on Friday.
1 day ago
The search for 6-year-old Gerardo Romero Barrera ended Saturday morning after authorities located h...
KTAR.com

Phoenix police say missing 6-year-old located in Las Vegas with his uncle

The search for a missing 6-year-old from Phoenix ended after police located the child in Las Vegas with his uncle early Saturday, authorities said.
1 day ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
Chandler man sentenced to 30 months in prison for fraud and embezzlement