Houston company, Bluebell clients alleged targets in fraud, money laundering scheme
HOUSTON - Five people have been apprehended for their involvement in a $13 million fraud and money laundering conspiracy, says U.S. Attorney Alamdar S. Hamdani.
William Warren Stredney, 65, was the most recent man charged after voluntarily surrendering to federal authorities, according to the U.S. Attorney's Office (USAO).
The other four involved, Edward Seung Ok, 56; Soran Lim, 55; Anthony Seung Ok, 55; and Wes Moon Ok, 52, were all arrested in California on Sept. 8 and are presently in custody pending further legal proceedings.
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On Aug. 31, a federal grand jury issued an eight-count indictment which alleged Edward Seung Ok, Anthony Seung Ok, Lim, and Wes Moon Ok, committed one count of conspiracy to commit wire fraud, four counts of wire fraud, and one count of conspiracy to commit money laundering.
Stredney is charged with one count of conspiracy to commit wire fraud and six counts of wire fraud, says officials.
The indictment claims the conspiracy revolved around a scheme to defraud clients of Bluebell International LLC and Bluebell National LLC, including a Houston-based energy company. Allegedly, Edward Ok and the others falsely asserted they had the capability to provide billions of dollars in loans due to their connections to high-net-worth international family offices.
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Reportedly, they collected large upfront fees from their clients for loan applications, knowing they had no intention of delivering the promised loans. The indictment further alleges that they diverted these funds for their personal use.
According to the USAO, Edward Ok, Soran Lim, Anthony Ok, and Wes Ok conspired to launder the ill-gotten proceeds, and use them for the acquisition of expensive real estate and luxury items.
When they were arrested, authorities seized over $1.2 million from a bank account, as well as high-end items allegedly acquired with fraudulent proceeds, including two multimillion-dollar residences, a condominium, and several vehicles such as two McLarens, a Lamborghini, Ferrari, Porsche, and BMW.
The indictment also says Edward Ok committed this offense while incarcerated in prison with the assistance of his accomplices.
Conspiracy to commit wire fraud carries a potential sentence of up to five years in federal prison, while convictions for wire fraud and conspiracy to commit money laundering can lead to 20-year terms of imprisonment. The FBI conducted the investigation, with Assistant U.S. Attorney (AUSA) Justin R. Martin handling the prosecution and AUSA Brandon Fyffe managing forfeiture matters.