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Toan Tran, 42, pleaded guilty on January 4, 2021.
On Monday, US District Judge Lynn Hughes sentenced Tran to his sentence, which will be followed immediately by three years of supervised imprisonment.
According to Lowery, several of the victims testified about the difficulties his theft had caused for them and their families.
After hearing from several victims, Hughes noted Trans “betrayal” by stealing from friends and co-workers.
Tran admitted in court that in 2017 he used a fake investment account to convince a local businessman to sell him a media company.
Tran showed the businessman funds in the account, but they fraudulently showed $7 million when in fact he never had more than $100,000 at any point, records show.
Tran then went bankrupt and defaulted on payments.
Tran also admitted he used the same scheme to convince several employees to invest in his company from 2015 to 2017.
Some victims invested their life savings and never saw a return, according to Lowery.
In total, investors lost over $705,000 to Trans Plan, investigators said.
Tran has been allowed to remain on bail and volunteer at a US Bureau of Prisons facility to be determined in the near future.
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https://abc13.com/wire-fraud-scam-stealing-theft/11712771/ Man from Manvel jailed for 120 months for cheating friends and colleagues out of $705,000