Vietnamese-American businesswoman gets life for $12M fraud
Vietnamese-American realtor Vu Bao Trinh, 50, has received a life sentence for masterminding a complex scheme involving the forgery of documents to sell almost 80 apartments and embezzling VND 309 billion (approximately $12.7 million) from 50 victims. Trinh, the owner of Nam Thi Real Estate Co. Ltd, was convicted by a Ho Chi Minh City court for "fraudulent appropriation of assets."
Co-defendants To Van Chi Tam, the company's chairman, and Hoang Thai Anh received sentences of 17 years and 16 years, respectively. The case revolved around the La Bonita office and apartment building in Binh Thanh District, developed by Nam Thi. Trinh's company mortgaged the property to Rubber Finance Company for a loan of VND 95 billion. The agreement stipulated that Nam Thi could not sell any apartments during the mortgage period without Rubber Finance's consent.
However, Trinh directed Tam and Anh to sell apartments in La Bonita, even selling the same unit to multiple buyers. In total, 118 apartments were sold for VND 485 billion, while the company received VND 423 billion. Despite the agreement violations, only 50 individuals and organizations accused Trinh and her accomplices of defrauding them, amounting to VND 332 billion. Trinh returned VND 23 billion, leaving a misappropriation total of over VND 309 billion, forming the basis for the verdict.
The court deemed Trinh personally responsible for reimbursing the victims and found her guilty of exploiting her position for fraudulent gains, causing financial damage to the victims and eroding public trust.
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