LAS VEGAS (KLAS) — A pair instructed traders they might internet billions of {dollars} by promoting luxurious vehicles and boats to abroad consumers who police suspect by no means existed, in keeping with paperwork the 8 Information Now Investigators obtained.
The revelations come from a 94-page arrest warrant for Jong Rhee, 45, and Neelufar Rhee, 34 — who Las Vegas Metro police took into custody on Could 22. Every faces dozens of costs for allegedly persuading folks to spend money on the luxurious gadgets, saying “the assets would be resold to overseas buyers at massive profit margins,” police mentioned. Nevertheless, detectives suspect no purchaser ever existed.
Jong Rhee allegedly promised traders that he might generate income within the scheme to “purchase high-value, unique vehicles.” “Wealthy clients in Singapore” would then buy the cars, delivering a $2.5 billion profit off of a $57 million investment because of that country’s “import restrictions,” police mentioned.
The couple performed the alleged fraud scheme by means of two of their companies: Twisted Twins Motorsports and Lusso Auto Spa, police mentioned. State enterprise data point out that the Rhees are related to companies in Las Vegas and Henderson.
Metro detectives suspect the couple netted $57 million “for purchasing seven high-value motor vehicles by materially fraudulent misrepresentation,” paperwork mentioned. In all, detectives listing dozens of high-end and unique vehicles and boats as a part of the investigation, together with fashions from Bugatti, Porsche and Rolls-Royce.
One investor was allegedly promised a hefty return on an funding from the abroad purchases, paperwork mentioned. Information present Jong Rhee “never contacted anyone to sell [the vehicles in question] for $2 billion,” paperwork mentioned.
In a single case involving a 2024 Rolls-Royce Spectre, Jong Rhee mentioned he might obtain $7.5 million for the automobile with a worth of $526,000, paperwork mentioned. One other involving a $3.9 million boat concerned a $13.5 million Singaporean buy.
Final July, Jong Rhee reportedly paid $60,000 for he and his spouse to fly in a non-public aircraft to Missouri to go boating, paperwork mentioned. The boat the pair and their pals rode on that weekend was purported to be bought to “Jong’s overseas connection,” police mentioned. Police additionally mentioned the Rhees tried to purchase a bar and a house in Lake Havasu, Arizona, and traveled with an investor’s cash to California.
In October, a decide signed off on a warrant to go looking the couple’s $2 million Henderson residence and companies. As a part of that search, police seized dozens of high-end vehicles.
Detectives additionally obtained textual content messages between the couple, which they mentioned made it “evident that Jong and Neelufar were under intense pressure due to mounting debts, delayed payments, and unreliable business partners,” paperwork mentioned.
An April 2024 textual content from Jong Rhee involving excellent funds on money owed learn: “We r [sic] big trouble money,” in keeping with police. One other textual content from Jong Rhee learn, “Right now, our lives are on the line.”
The couple grew to become “so desperate for money” in 2024 that Jong Rhee guess their final $10,000 to gamble within the World Collection of Poker, police mentioned.
“Jong frequently gambled and played poker, especially when he and Neelufar struggled financially,” police mentioned. “He participated in tournaments similar to the World Series of Poker, which required significant buy-in amounts. Jong would often spend several days playing poker, further contributing to their financial distress. On July 8, 2024, while at a poker event, Jong told Neelufar, ‘I don’t think I’ve lost 99% 4 [sic] times in [my] whole life now 4 [sic] times in one month.’ He believed that a big win would solve all of their money issues.”
Each Rhees face 78 felony costs, together with racketeering, cash laundering, and forgery, data mentioned. Primarily based on redactions in court docket paperwork, it was not clear what number of alleged victims have been concerned within the case.
Each posted $100,000 bail, data mentioned. They weren’t scheduled to return to court docket till June 9.
Two different folks, Crisfin Deguzman and John Baudhuin, additionally face costs linked to the case, data mentioned.
