TeamVinh to pay $2.3 mill in disgorgement, Vu Le cops $160,000 fine
Back in late 2015 the SEC filed a lawsuit against TeamVinh. In their lawsuit, the SEC alleged TeamVinh was a $3 million dollar Ponzi scheme.
Last we checked in on the case was March of last year, at which time a consented judgement against TeamVinh and owner Vu H. Le (aka Vinh H. Le) was made.
As per the order TeamVinh and Le, who is based out of Minnesota, are ‘permanently restrained and enjoined from violating, directly or indirectly, or from aiding and abetting violations of the Securities Exchange Act‘.
TeamVinh and Le aren’t admitting or denying the SEC’s allegations, but also cannot argue ‘they did not violate the federal securities laws as alleged in the complaint’.
The order also required TeamVinh and Le to ‘pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty‘.
As per an SEC press-release dated January 30th, TeamVinh and Le’s disgorgement payment comes to $2,318,942, plus $202,130 in prejudgment interest.
Both TeamVinh and Le have also been ordered to pay a $160,000 civil penalty each ($320,000 in total).
According to the original SEC complaint, Vu Le
misappropriated the overwhelming majority of the investors’ money for himself, including by gambling more than $2 million of investor funds at a Las Vegas casino.
Considering the SEC estimate TeamVinh was a $3 million dollar Ponzi scheme, $2 million in casino losses, $2.5 million in disgorgement plus $320,000 in civil penalties pretty much guarantees Le’s Ponzi scamming cost him more than he stole.
My name is Vickie Smith and in March of 2013 I joined in and paid to be a member of TeamVihn, and LORD behold, I always received my news letters and never received a dime from TeamVinh corp or Mr. Le.
What a shame on them praying on people to suit their owe needs, is there anyway I can join in on this law suit, Thank you for your time in advance.
Sincerely yours and disappointed,
Ms. Vickie I. Smith
Lawsuit is over, you’d have to contact the SEC.