The Money Laundering and Asset Recovery Section of the US Department of Justice has given its approval to direct $454,945 recovered from forfeited assets to the victims of Keenam Park. The authorities have also given their approval to direct $229,882 recovered from forfeited assets to the victims of Raymond Montoya. Note that in 2020, Park was convicted of wire fraud involving defrauding of private high schools and international students of millions of dollars in tuition and other fees. Meanwhile, in 2018, Montoya was convicted of wire fraud, mail fraud and unlawful monetary transaction in a multi-million-dollar Ponzi scheme.
Park owned and operated the company EduBoston through which he collected tuition and other payments from students’ families. However, Park did not pay the full fees to partnering schools, instead diverting the funds for personal and other expenses. After Park’s sentencing, the US government pursued forfeiture of many of his assets, including bank accounts, vehicles and other personal property so victims could regain their lost money.
Montoya, on the other hand, ran a pooled investment hedge fund called RMA Strategic Opportunity Fund, LLC from 2009-2017. He told his investors that the fund was earning substantial returns, even though it was sustaining substantial losses by 2014. The trusting investors transferred millions of dollars of their personal savings and 401(k) retirement plans to Montoya. Montoya invested only part of the victims’ money, diverting the remaining millions of dollars to personal and business bank accounts. After Montoya’s sentencing, the US government pursued forfeiture of his assets, including bank accounts, jewelry and vehicles. These funds will be distributed to the victims of the scheme. The US Attorney’s Office will continue to pursue assets to compensate the many victims of Park’s and Montoya’s schemes.
Source: US Department of Justice