More than 100 victims are tied up in a $39 million Ponzi scheme run by 41-year-old Derek Chu of Alamo, according to federal prosecutors.
He was arrested May 2 and indicted for running a scheme and spending at least $7 million to fund his own lavish lifestyle. He is accused of conning victims to invest in a fake scheme to buy and resell tickets and luxury suites at Oracle Arena, Staples Center and Chase Center between 2013 and 2020.The indictment alleges that Chu lured unwitting investors by making materially false misrepresentations, including how the investor funds would be used, and how investors would be repaid.
Kingsley, as he prefers to be called for this story, spoke to KPIX reporter Betty Yu on behalf of his mom, a San Francisco resident, who is out more than $3.5 million. "Closer to 2016 is when all the money deals started happening, where it'd start out as, 'Hey, if you give me some money I can give you some interest, right? 11%, 18%.' Sounds really good," said Kingsley.
Mak filed an initial police report in 2019, when SFPD began investigating. Soon after, more victims shared similar stories with Mak.
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