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California Man Pleads Guilty in Multi-Million Dollar Ponzi Scheme Targeting Filipino Community
Sylvein D’Habsburg, accused of defrauding over $5.9 million from investors, pleads guilty to wire fraud in a targeted Ponzi scheme.
Overview
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Sylvein William Maximilian D’Habsburg XVII has agreed to plead guilty to wire fraud after deceiving investors from the Filipino community through a multimillion-dollar Ponzi scheme. He allegedly misused over $5.9 million intended for his tech companies for personal luxury purchases. D'Habsburg, facing a potential 20-year sentence, claims to have made false statements but denies operating a Ponzi scheme. The targeted fraud raises concerns about trust within immigrant communities.
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