Embattled Bellevue Hedge Fund Adviser Accused of Fraud
SEATTLE (AP) — Federal prosecutors have charged the former head of a Bellevue wealth management firm accused of running a Ponzi scheme with wire fraud and making false statements to the United States.
Seattlepi.com reports charges against Summit Asset Strategies CEO Chris Young Yoo were unsealed Monday.
Yoo's attorney Michelle Peterson says her client will be pleading guilty as part of a plea deal.
The charges are related to claims that he misled his firm's clients while using new investments to cover old losses and enrich himself.
Yoo previously reached a $1 million civil settlement with the Securities and Exchange Commission related to the fraud, which began in 2006 and ended with Yoo's clients losing about $3.5 million.
The fraud was discovered in 2015. Yoo filed for bankruptcy in January 2016. That matter remains in litigation.