MILWAUKEE (AP) – A Wisconsin woman is accused of leading a scheme to bilk Hmong-American investors mostly from Minnesota and Wisconsin of at least $16.5 million.
A civil complaint filed Wednesday by the Securities and Exchange Commission charged Kay Yang, 40, of Mequon, with defrauding about 70 investors between April 2017 and April 2021.
Her husband, Chao Yang, 47, is charged as a secondary defendant for improperly receiving proceeds of the fraud. Investigators say the scheme operated in six other states.
Authorities said Kay Yang spent about $1.5 million on real estate, $790,000 on living expenses, $585,000 on travel, and $313,000 on luxury vehicles for her and her husband, including a Lexus, Tesla, and two BMWs. She had homes in Mequon, Sheboygan, Saukville, as well as Zimmerman, Minnesota.