Washington man pleads guilty in $13M investment fraud

SEATTLE — A Washington state man who once served time in prison for defrauding his neighbor out of about $800,000 has pleaded guilty in a much bigger scam -- one in which he admitted posing as an investment adviser and cheating clients out of nearly $13 million.
 
Sung "Laurence" Hong pleaded guilty in federal court Tuesday to conspiracy charges including money laundering and wire fraud. He could face decades in prison when he's sentenced in June.
 
According to the plea agreement, Hong continued defrauding people -- largely in religious congregations -- even after serving a nearly three-year term for defrauding his neighbor in Kirkland. He and his wife used the money to rent a $12,000-a-month home in Clyde Hill, on trips, on cars including an Aston Martin and a Lamborghini, and on a 45-foot yacht.

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Associated Press