California Attorney General Rob Bonta announced the arrest and charging of Kim Nguyen and Phuc Huynh, a couple from Van Nuys, in connection with an alleged $1.9 million investment scheme. The scheme reportedly targeted members of the Vietnamese community in the San Fernando Valley area of Los Angeles.
The arrests were made by officers from the Los Angeles Police Department (LAPD), and the charges include 12 counts of Grand Theft. The complaint was filed in Los Angeles Superior Court by the California Department of Justice.
“Exploitation of immigrant communities for financial gain — also known as Affinity Fraud — will not be tolerated in California,” said Attorney General Rob Bonta. “When bad actors abuse the trust of our communities to line their own pockets on the backs of hardworking Californians, the California Department of Justice will not stand idly by. We will continue to aggressively combat financial crimes and all criminal conduct, and work to bring perpetrators to justice.”
LAPD Chief Jim McDonnell commented on the partnership between his department and state officials: “The Los Angeles Police Department is proud to have partnered with the California Department of Justice in assisting the victims of this financial scheme. Targeting vulnerable members of our community for personal gain is unacceptable. We remain committed to protecting all Angelenos from fraud and exploitation, and we thank Attorney General Bonta for his continued leadership in holding criminal offenders accountable.”
According to allegations, Nguyen and Huynh solicited investments or loans from individuals between 2019 and 2023, promising a safe return along with interest payments. Victims received promissory notes or loan agreements that detailed repayment schedules; many documents were notarized, which prosecutors say gave victims false confidence in their authenticity.
Investigators allege that about $1.9 million was raised from 12 investors but most funds were kept by Nguyen and Huynh rather than being invested as promised. The couple reportedly used word-of-mouth referrals within the Vietnamese community to attract new investors. Some initial interest payments were made to early participants, leading them to believe in the legitimacy of the operation, but authorities claim these were Ponzi-style payments funded by later contributions rather than real investment returns.
Funds collected through this scheme allegedly went toward business expenses, personal lifestyle costs, and included spending at a Southern California casino.
The LAPD Commercial Crimes Division led the investigation, while prosecution is being handled by the Special Prosecutions Section within the California Department of Justice.
Officials remind that a complaint represents only an allegation; all defendants are presumed innocent until proven guilty beyond a reasonable doubt in court.
