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Press Release

Orange County Resident Sentenced To Over Four Years In Prison For Scheme To Defraud Multiple Victim Investors

For Immediate Release
U.S. Attorney's Office, Northern District of California
Defendant Defrauded Seven Victim-Investors of Over $1.6 million

SAN JOSE – Jonathan Vu Hoang, aka Co Vu Hoang, was sentenced today to 49 months in prison in connection with a scheme to create a bogus investment company and defraud multiple victim-investors by falsely promising them he would invest their money, announced U.S. Attorney Ismail Ramsey and Federal Bureau of Investigation Special Agent in Charge Robert K. Tripp. The sentence was handed down by the Hon. Edward J. Davila, United States District Judge.

Hoang, 59, formerly of San Jose and residing more recently in Orange County, pleaded guilty to the charges on July 11, 2022. According to his plea agreement, Hoang admitted that beginning June of 2017, he devised and implemented a scheme by which he defrauded multiple investors of their money by promising to make investments that would yield significantly high returns. The scheme continued through May of 2019 by which time Hoang solicited over $1.6 million from his victims. 

Hoang admitted in his plea agreement that he told his victim-investors he was a wealthy and successful businessman and that he had access to special investment opportunities. Hoang created a bogus investment company called Dunamis Global Holdings, Ltd. and asked his victim-investors to sign Subscription Agreements with the company as a means of assuring the victims that he was making legitimate investments on their behalf. Hoang also established bank accounts and email accounts to create the appearance of a legitimate investment company. For example, when emailing with his victim-investors, Hoang copied fake Dunamis employees with fake titles. Also, Hoang created email addresses and domain names of others that appeared to belong in prominent firms and companies, such as “” and “” Hoang used the fabricated email addresses to generate and transmit emails regarding proposed investment opportunities as a means of bolstering the appearance of his legitimacy. Hoang admitted that he obtained at least $1.6 million in funds from his victim-investors and acknowledged that rather than invest any of the funds he received as promised, he spent the funds on his personal expenses and to support his lifestyle. 

Hoang was charged by Felony Information on April 7, 2022, with three counts of wire fraud in violation of 18 U.S.C. § 1343. Hoang pleaded guilty to the three counts. 

At sentencing, Judge Davila described Hoang’s conduct as harmful to his community, noting the financial harm and trauma caused to the victims. In directly addressing Hoang, Judge Davila expressed, “It’s a pity that these victims were preyed upon in the way that they were, and a pity that you know better.” In addition to the prison term, Judge Davila also ordered Hoang to pay a $15,000 fine and restitution and entered a forfeiture money judgment in the amount of $1.5 million. Judge Davila ordered Hoang to begin serving his sentence on August 17, 2023. 

Assistant United States Attorney Anne Hsieh is prosecuting the case with assistance from Helen Yee. The prosecution is the result of an investigation by the FBI.

Updated May 25, 2023