A downtown Los Angeles investment advisor who bilked fellow Korean Americans out of millions of dollars was sentenced Monday to more than seven years in prison.
In addition to handing down the 87-month sentence, U.S. District Judge A. Howard Matz ordered Won Charlie Yi to pay $28.8 million in restitution to investors, many of them garment manufacturers and other small-business owners, and $2.4 million to Wells Fargo Bank.
Yi told victims their money would be invested in public and private companies and then falsified statements -- which could be viewed on an elaborate website -- showing gains in their accounts, Assistant U.S. Atty. Paul G. Stern said.
"He gave them a PIN number to access the accounts," Stern said. "You could call up your account and monitor all the investments that weren't really there."