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