UPDATE: Weston Man now Faces 53 Charges in Alleged Stock Scheme

By: WSAW Staff Email
By: WSAW Staff Email
More Video...

UPDATE: Tues 4:26 PM, April 15, 2014

Prosecutors have filed 28 additional charges against a former Weston man accused of leading others to believe he was a stock broker.

The amended criminal complaint for Andy Vang, 34, shows more victims have come forward. Most 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.

Andy Vang is free on bond. He'll return to court later this month.

ORIGINAL STORY: Wed 6:40 PM, April 9, 2014

Prosecutors say 34-year-old Andy Vang, formerly of Weston scammed people out of more than $170,000 by selling them bogus stocks. Some of the alleged victims were members of his own family.

The story sounds like the plot of the movie, the “Wolf of Wall Street”. Investigators say he went to extreme measures to sell stocks that didn't exist.

Vang is accused of telling people he worked for a Madison investment firm, going as far as having business cards and letter head printed.

Investigators say he would sell fake stock for well known names like Apple, Google or Hewlett Packard, telling people that after investing for five years they would make their money back with profit.

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.

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 25-charges altogether, including identity theft and fraud.
In court Wednesday, the judge set a $200,000 signature bond, which would have to include $20,000 in cash.

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

Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@wsaw.com.
Please provide detailed information.
All comments must adhere to the WSAW.com discussion rules.

powered by Disqus
WSAW-TV 1114 Grand Ave. Wausau, WI 54403
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 254643391 - wsaw.com/a?a=254643391
Gray Television, Inc.