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SoCal Ponzi Man Goes to Jail

SAN DIEGO (CN) - A federal jury on Thursday convicted Thanh-Viet Cao aka Jeremy Cao of running a $19 million Ponzi scheme under the name of TG Capital, and other names. Cao, 30, of Rancho Santa Margarita, could face up to 80 years in prison at his Feb. 28, 2011 sentencing.

Cao was convicted of conspiracy to commit mail fraud and wire fraud, and three counts of wire fraud. He promised 28 percent annual returns and other fraudulent promises, and "lied about why he had been fired by his previous employer for similar fraudulent conduct," the U.S. Attorney's Office said in announcing the verdict.

Cao wired $1.8 million of his victims' money to Hong Kong as the Ponzi scheme began collapsing, after he gambled away money in Las Vegas and bought a $200,000 Bentley, prosecutors said.

He was sent directly to jail.

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