SF Chinatown Residents Victimized In $39 Million Ponzi Scheme Involving Warriors Tickets

CBS San Francisco

May 8, 2023

SAN FRANCISCO -- More than 100 victims are tied up in a $39 million Ponzi scheme run by 41-year-old Derek Chu of Alamo, according to federal prosecutors.

He was arrested May 2 and indicted for running a scheme and spending at least $7 million to fund his own lavish lifestyle. He is accused of conning victims to invest in a fake scheme to buy and resell tickets and luxury suites at Oracle Arena, Staples Center and Chase Center between 2013 and 2020.

The indictment alleges that Chu lured unwitting investors by making materially false misrepresentations, including how the investor funds would be used, and how investors would be repaid.

Click https://www.cbsnews.com/sanfra... for a CBS News video report.

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.