(Source: Seattle Times By Rami Grunbaum) – Jose L. Nino de Guzman Jr. drove a Bentley and used a Seahawks suite to impress investors who entrusted him with $20 million, but federal prosecutors charge it was all a Ponzi scheme built on nonexistent real-estate projects in Peru.Nino de Guzman, 28, was arrested Thursday in Los Angeles and charged with five counts of wire fraud.
Beginning in 2006, Nino de Guzman ran NDG Investment Group from a posh South Lake Union office. Investors’ growing suspicions about the claimed investments were reported by The Seattle Times beginning in October 2009, after several of his top lieutenants quit and alerted securities regulators.
Source: Seattle Times By Rami Grunbaum
Originally published Thursday, July 7, 2011 at 1:25 PM
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