SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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NIGERIAN NATIONAL SENTENCED TO 51 MONTHS IMPRISONMENT IN THE US FOR ROMANCE SCAM, FRAUD AND MONEY LAUNDERING. (PHOTO).

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 Nigerian National Sentenced To 51 Months Imprisonment In The US  For Romance Scäm, Fräúd  And Momey Laundering 


A Nigerian national, Uchenna Christian Nlemchi was sentenced to 51 months in prison and ordered to pay $524,000 in restitution and a money judgment in the amount of $868,295 for his role in a hybrid romance scam and business email compromise scheme.


Nlemchi was extradited from Hungary to the United States of America last year.


There is no parole in the federal system.


U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement in a statement on Thursday, June 6, 2024.  


According to court documents, the scheme began in July 2015 when a co-conspirator initiated a romance scam with a 56-year-old widow in New Mexico using the alias “Sean Bartlett.” 


The co-conspirator convinced the victim that he was an engineer working on lucrative oil contracts and promised to marry the victim but instructed her to send him money for supposed business expenses.


On September 13, 2015, Uchenna Nlemchi opened a personal bank account at Amegy Bank in his own name. 


Sixteen days later, he opened a fraudulent business bank account at the same bank in the name of the non-existent “Jay Auto & Machine Parts,” listing himself as the sole owner.


Following the co-conspirator’s instructions over the next few months, the victim made several transfers into accounts controlled by Nlemchi totaling over $375,000 from her retirement savings and a home equity loan. This included wiring $45,000 on October 7th to another person’s account, before sending $35,000 directly to the “Jay Auto & Machine Parts” account on October 9th, the same day the other person wired $44,000 into that account.

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