Hawaii Says Man Created 13 Fake Identities And Disguised Voice To Scam Elderly Woman Out Of $1.4 Million

recommendedreading1Bing Long Yee was named in a Preliminary Order to Cease and Desist after securities investigators in Hawaii discovered he’d duped an elderly woman out of $1.4 million over a period of 15 years — in part by disguising his voice and adopting “as many as 13 different personas,” the Department of Commerce and Consumer Affairs said.

The order was issued by Hawaii Commissioner of Securities Tung Chan. The state is asking “[a]nyone who has been solicited by or transacted business with Yee or who may have information regarding this matter” to contact the State Securities Enforcement Branch.

Yee used the money for “gambling and personal expenses instead of investments,” the state said.

From a statement by the state government of Hawaii (italics added):

The order asserts that, from 1998 through February 2013, Yee solicited an elderly Hawaii woman to invest in an elaborate business venture. Yee allegedly told the woman that he ran various businesses, including real estate, jade stone exportation, and a restaurant start-up, and needed money to help fund his businesses.

Yee allegedly created as many as 13 fake identities of individuals who were supposedly involved in his businesses and he assumed at least three different personas by disguising his voice while on the phone with the woman. As a result, the order alleges the woman provided a combined total of $1,414,145 to Yee for investment in his businesses.

The order further alleges that none of the woman’s money was used as promised. Instead, Yee allegedly spent all $1,414,145 to gamble at casinos in Las Vegas and on personal living expenses. To date, the woman has not received any of her principal or promised returns.

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