Alamo Man Charged In $39 Million Basketball Ticket Ponzi Scheme

CBS San Francisco

May 3, 2023

ALAMO, CA - An East Bay man is facing federal charges of fraud and money laundering for an alleged multi-million Ponzi scheme involving the sale of pro basketball tickets and luxury suites at San Francisco's Chase Center, the Oakland Arena, and the Staples Center in Los Angeles.

Alamo resident Derek Vincent Chu, 41, was arrested Tuesday morning and made an initial appearance in court following a federal grand jury indictment on April 26, according to a press statement from U.S. Attorney Ismail Ramsey.

The indictment alleges that between late 2013 and 2020, Chu used several companies to raise $39 million by fraudulently soliciting investments to buy and resell NBA tickets and luxury suites at the current and former home arenas for the Golden State Warriors and at the arena shared by the Los Angeles Lakers and Los Angeles Clippers, currently known as Crypto.com Arena.

© 2023 CBS Broadcasting Inc. All Rights Reserved.