Prosecutors say 34-year-old Andy Vang, formerly of Weston scammed people out of more than $170,000 by selling them bogus stocks. Some of the alleged victims were members of his own family.
The story sounds like the plot of the movie, the “Wolf of Wall Street”. Investigators say he went to extreme measures to sell stocks that didn"t exist.
Vang is accused of telling people he worked for a Madison investment firm, going as far as having business cards and letter head printed.
Investigators say he would sell fake stock for well known names like Apple, Google or Hewlett Packard, telling people that after investing for five years they would make their money back with profit.
In one case, Vang is accused of telling someone if they bought $30,000 worth of Google they"d receive $1.9 million back.
"There will be several significant more charges coming. In addition to that, I am informed that there are other victims who are family members who do not want to file a complaint against Mr. Vang who he stole their money from. In total in this scheme he has stolen over $170,000,” Said Minder.
Vang faces 25-charges altogether, including identity theft and fraud.
In court Wednesday, the judge set a $200,000 signature bond, which would have to include $20,000 in cash.
If convicted on all charges, Vang faces 139 years in prison.
Andy Vang: buy $30,000 stock and get $1.9 million back, now faces 139 years in jailAndy Vang: buy $30,000 stock and get $1.9 million back, now faces 139 years in jail