Bellevue investment adviser Chris Young Yoo, who pleaded guilty to wire fraud and making false statements for diverting millions of dollars from clients at Summit Asset Strategies, was sentenced to nine years in prison and payment of nearly $3.7 million in restitution.
Bellevue investment adviser Chris Young Yoo, who pleaded guilty in March to wire fraud and making false statements in a Ponzi scheme that diverted millions of dollars from clients of his Summit Asset Strategies, was sentenced Thursday to nine years in prison and payment of nearly $3.7 million in restitution.
U.S. Attorney Annette L. Hayes said in a statement that Yoo never actually invested the money of certain clients, and instead used their money to pay his own living and business expenses.
According to the U.S. Attorney’s Office, at the sentencing hearing, U.S. District Judge Thomas S. Zilly said, “You’ve destroyed (the victims) lives, financially, emotionally and physically … your scheme went on for nine years. I think a nine-year sentence is appropriate.”