Trowbridge man found to have defrauded victims out of almost £400,000
Michael Pang, 37, was found to have committed the acts following a trial of facts
A 37-year-old man from Trowbridge has been found to have defrauded victims out of nearly £400,000 through a Ponzi-like scheme following a trial of facts.
Michael Pang, of Hill Street, convinced four acquaintances to "invest" £389,000 between them in what he claimed was a risk-free opportunity.
This involved the use of a software to place multiple bets online with a supposed guaranteed outcome, and that the initial investment was not at risk.
Pang assured his victims that their initial investments were secure and with documentation provided by him claimed to guarantee the return of the investment at any time
Instead of investing the funds, he used it for personal expenses and to repay previous "investors."
When pressed for returns, Pang provided altered documents from a betting company suggesting funds were pending release.
However, fiancial investigations revealed that Pang hasn't held any betting accounts under his name since 2017.
He was arrested in February 2023 and subsequently charged with four counts of fraud by false representation.
Due to mental health concerns, Pang was deemed unfit to plead, leading to a jury trial of facts last week which concluded he was responsible for the fraudulent acts.
The sentencing has been postponed to 1st October to allow for pre-sentence reports.
Investigating officer DC Melissa Pope said: “Following this verdict, my thoughts are with the four victims who have been defrauded out of significant, potentially life-changing sums of money.
“They placed their trust in Michael Pang, who used his family name and status in Frome to spin a compelling narrative to entice the victims to invest “risk-free” in his scheme.
“Sadly, this was a deception by Pang who instead used the money for his own purposes.
“While there is no criminal conviction, I hope this verdict can bring an element of closure for the victims of this case.
“I want to remind those who are considering investing that there’s no such thing as a risk-free investment or guaranteed returns.
“Please take the time to research investments thoroughly, seek independent advice and be cautious before parting with your money.
“If something sounds too good to be true, it probably is.”