Las Vegas investor arrested, owes $2.2 billion to Nevada company

Screenshot 2018-07-03 at 12.37.49.pngNgan claims to be a child refugee from a Cambodian concentration camp who attended the Massachusetts Institute of Technology at age 14, then amassed “billions of dollars managing funds for foreign governments in the Middle East and helping found a major retail business in Asia.”

The multibillion-dollar judgment was a result of Ngan’s continued failures to respond to the company’s lawsuit, resulting in the company’s requested default judgment being granted in the court’s order, the Sun reported. The company argued that the profits from Ngan’s promised investment of $100 million — which never materialized — in addition to attorney’s fees and interest justified the company’s request for $2.2 billion in damages.

The judgment against Ngan states that in addition to the 10-figure award, he is also on the hook for 5.5 percent interest — or $333,170 per day.

via Las Vegas investor who owes $2.2 billion to Nevada company arrested outside Yellowstone | IR Crime and Courts News | helenair.com

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