Orange County Ponzi Scheme: Additional Victims Being Sought

ORANGE COUNTY, CA -- Detectives are seeking additional possible victims of a man accused of cheating victims from Garden Grove out of more than $3 million in a fraud and Ponzi scam.

Lo Van Tran, 42, of Fremont, allegedly collected the money from more than 10 investors, most of them Vietnamese, between June 2017 and February 2018, according to Garden Grove Police Lt. Carl Whitney.

He allegedly promised a predetermined return based on the amount invested in his scheme, which involved a company he owned and operated called SmartBuy Outlet Inc., which had two storefronts in Garden Grove, Whitney said. The business also operated under the name SavMax Solutions Inc., according to the lieutenant.

As a side business related to SmartBuy Outlet Inc., Tran claimed to have a partnership with a third-party logistics company known as Zyp Corporation, where he would facilitate the purchase and sales of large amounts of Apple products.

Turns out Zyp Corporation never existed, Whitney said.

``He also fabricated bank and business documents to make his business appear legitimate,'' the lieutenant said.

Investigators believe there may be additional victims. Anyone who thinks they might have been taken in by Tran is asked to call Detective Thi Huynh at (714) 741-5835.

City News Service contributed to this report.