SAN FRANCISCO — A Daly City man, 29-year-old Mingtao Chen, was sentenced to 18 months in federal prison and ordered to pay over $208,000 in restitution for his part in a multimillion-dollar fraud scheme, according to court records.
U.S. District Judge Trina Thompson handed down the sentence. Prosecutors revealed that Chen participated in a widespread scam where victims across the United States were tricked into wiring large sums of money. The total fraud amount is estimated to be around $2 million, with “dozens if not hundreds” of victims involved.
Authorities say Chen used a passport under a false name to open bank accounts where wired funds were deposited. When Chen learned he was under investigation, he attempted to flee the country.
Chen’s attorney, Boris Bindman, noted in a sentencing memo that Chen joined the scheme due to “fear of a life of never-ending poverty” after emigrating from communist China. Bindman highlighted systemic corruption and nepotism in Chen’s upbringing and emphasized Chen’s guilty plea within six months of charges being filed.
