SALT LAKE CITY, Utah, Sept. 7, 2023 (Gephardt Daily) — A Lehi woman has been sentenced to 18 months in prison for a five-year, $5 million securities fraud.
Crystal A. Huang, 41, will also serve two years of probation upon her release and was ordered to pay $1,200 a month restitution, according to a press release Wednesday from the U.S. Attorney’s Office for Utah.
On the day of her sentencing, Tuesday, the release said Huang provided a check to the clerk of court for $300,000.
“In June, Ms. Huang admitted that she devised a scheme intended to defraud investors and obtain money and property under false pretenses to benefit her company, ProSky Inc.” The company provided human resources software and services.
According to court documents, Huang would lull investor victims into a false sense of security about their investments by claiming ProSky Inc. had millions in recurring revenue, “when in fact it did not.”
Plying investors with falsified balance sheets, profit/loss statements, bank account statements and customer lists, she was able to attract more than $5 million from 13 investors. She communicated with victims largely via email, telephone and an online database.
“Fraudsters are masters of deception, and can scam even the most sophisticated investor,” said Special Agent in Charge Shohini Sinha of the Salt Lake City FBI, whose office investigated Huang.
“Before handing over your hard-earned money, always independently and thoroughly research any opportunity, and report anything suspicious to the FBI.”
