Fmr. Weston Man Pleads Not Guilty in Alleged Stock Fraud Scam

By: WSAW Staff Email
By: WSAW Staff Email

A 34-year-old man accused of leading others to believe he was a stock broker, allegedly scamming several people out of thousands of dollars, has pleaded not guilty.

A judge also rule there is enough evidence for the case against Andy Vang, formerly of Weston, to head to trial.

According to the criminal complaint, most alleged victims invested a minimum of $10,000 to buy what they though were stock in Apple, Google, and Hewlett Packard.

Prosecutors say the victims were lead to believe Vang worked for a Madison investment firm; when in fact, he had no affiliation, despite business cards and letterhead he had been using.

In one case, Vang is accused of telling someone if they bought $30,000 worth of Google they'd receive $1.9 million back.

The scheme may have gone back as far as 2008, with another completely false claim.

"Mr. Vang's conduct is quite egregious. Prior to 2009 Mr. Vang was telling people he was a medical doctor to gain their trust. He provided a business card saying he was a medical doctor and medical director of St. Clare's in Weston. He is not a medical doctor,” explained Marathon County Assistant District Attorney Chad Minder during Vang's first court appearance.

When the company Vang said he worked for began getting calls from suspected victims about their investments, it sent a letter to the Wisconsin Department of Financial Institutions alerting them of the possible scam. And this case may just be the tip of the iceberg.

"There will be several significant more charges coming. In addition to that, I am informed that there are other victims who are family members who do not want to file a complaint against Mr. Vang who he stole their money from. In total in this scheme he has stolen over $170,000,” Said Minder.

Vang faces 53 charges altogether, including identity theft and fraud.

If convicted on all charges, Vang faces 139 years in prison.

A future court date has not yet been set.

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