SALT LAKE CITY (ABC4) — A Lehi businesswoman was sentenced to 18 months in jail for securities fraud, according to the U.S. Attorney’s Office.
Crystal A. Huang, 41, of Lehi, will also serve two years of supervised release after her jail term. She pleaded guilty in June.
Huang provided false promises and information to investors in her company, ProSky, Inc. Huang admitted she had devised a scheme to defraud those investors. According to court documents, Huang would “lull investor victims into a false sense of security about their investments” by claiming her business had higher revenues than it actually did.
Huang falsified balance sheets, profit and loss statements, bank account statements and customer lists, obtaining over $5 million from 13 investors. Huang provided a $300,000 check to the court upon her sentencing and will owe $1,200 per month in restitution.
“Ms. Huang had every reason and opportunity not to engage in this type of criminal conduct, but chose to do so,” said Assistant United States Attorney Mark E. Woolf of the District of Utah. “We will continue to work with our law enforcement partners to prosecute those who commit fraud within our communities.”
“The information Ms. Huang provided to investors was just completely false,” said United States District Court Judge David Barlow. “These false statements didn’t just happen once or twice, but over a period of years.”
“Fraudsters are masters of deception, and can scam even the most sophisticated investor,” said Special Agent in Charge Shohini Sinha of the Salt Lake City FBI. “Before handing over your hard-earned money, always independently and thoroughly research any opportunity, and report anything suspicious to the FBI.”