Former CEO of Point Loma business gets 6 years in prison in $65 million Ponzi scheme
The former president and chief executive of a Point Loma electronics business was sentenced Nov. 20 to more than six years in prison for operating a $65 million Ponzi scheme that caused investors to lose more than $20 million.
In addition to the 75-month sentence, Jonny Ngo, former leader of NL Technology LLC, was ordered to pay nearly $21 million in restitution for bilking investors out of money he alleged would be used to fund wholesale purchase orders of smartphone screens and other electronic goods.
Prosecutors said the funds actually were used for personal expenses such as a home, luxury cars and gambling.
Ngo, 34, told investors that NL Technology was supplying smartphone screens to several buyers, including two that each ordered about $2 million worth of NL Technology products, and prepared false financial and bank statements to back up his claims, according to the U.S. attorney’s office.
Ngo pleaded guilty to a mail fraud charge last year. NL Technology closed its Rosecrans Street location in 2018.
— Point Loma-OB Monthly staff contributed to this report.