Founder of Point Loma business to be released from prison in 2024
by NEAL PUTNAM
Published - 09/17/21 - 07:30 AM | 2351 views | 8 8 comments | 31 31 recommendations | email to a friend | print
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The founder of a now-closed Point Loma electronic business will be released from a federal prison in August 2024, after being sentenced to 75 months for mail fraud.

The Bureau of U.S. Prisons recently noted on its website that Johnny Ngo, now 35, will be released from a medium security prison in Lompac on Aug. 22, 2024.

Ngo was ordered to pay $20,292,490 to more than 100 investors and companies who were victims of his fraud. His attorney wrote in court documents that Ngo intends to start a trucking company upon his release so he can earn money to pay the victims back.

Ngo founded NL Technology, LLC and it imported wholesale electronic and technology-related products for resale. The store on Rosecrans Street opened in 2011 and closed in 2018. Ngo was indicted by a federal grand jury in April 2019.

The reason he is being released in 2024 is due to him receiving credits for time served as he was in jail for 1 ½ years before being sentenced by U.S. District Court Judge Jeffrey Miller in November 2020 to six years and three months.

Miller said Ngo was “motivated by greed” to perpetrate a fraud that included creating counterfeit invoices, fabricated bank statements, and false financial statements to the investors.

Ngo “lulled investors” about his firm by falsely claiming he had an outstanding purchase order from a smartphone repair company for approximately $300,000, the U.S. Attorney’s office said, in calling the business a Ponzi scheme.

“Ngo swindled and conned innocent investors out of their hard-earned money to support his lavish lifestyle,” said Suzanne Turner, FBI special agent in charge, after his sentencing.

“The false representations about wholesale purchase orders worth millions and supporting phony business records were all lies,” said Turner.

Ngo pleaded guilty to mail fraud and 17 other counts of wire and mail fraud plus money laundering were dismissed. His attorney, Frederick Carroll, asked Miller for a sentence of 48 months.

Carroll wrote in court documents Ngo was addicted to gambling in casinos and “was not living the high life of a successful Ponzi scheme architect.”

In fact, Ngo was living in his car with no other place to stay as all of his family or friends would not take him, according to a statement Carroll filed. He also feared for his life based on threats he had received for his fraudulent conduct, Carroll added.

While incarcerated in the Metropolitan Correctional Center, Ngo took various courses in business development, financial classes, religious education, and gambling addiction recovery, according to his attorney.

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