State orders cease-and-desist after $1.4M scam

cease and desist

State authorities have taken action against a man accused of creating multiple personas to take more than $1.4 million from an elderly Hawaii woman and using the money for gambling and personal expenses.

The Department of Commerce and Consumer Affairs issued a cease-and-desist order against Bing Long Yee for violating state securities laws. According to the order, Yee solicited an elderly Hawaii woman to invest in an elaborate business venture from 1998 through February 2013, claiming he ran various businesses, including real estate, jade stone exportation and a restaurant start-up. He allegedly created as many as 13 fake identities of individuals who were supposedly involved in his businesses and assumed at least three different personas by disguising his voice while on the phone.

The woman provided a combined total of $1,414,145 for investment, but Yee allegedly spent all of it gambling at casinos in Las Vegas and on personal living expenses. To date, the woman has not received any of her principal or promised returns.

The order seeks total penalties of $150,000 and a permanent injunction.

Anyone who has been solicited by or transacted business with Yee, or who may have information regarding this matter, is urged to contact the State Securities Enforcement Branch.

Securities Enforcement Branch
Oahu: (808) 586-2740
Kauai: (808) 274-3141, followed by 62740 and the # sign
Maui: (808) 984-2400, followed by 62740 and the # sign
Hawaii: (808) 974-4000, followed by 62740 and the # sign
Lanai and Molokai: 1-800-468-4644 (toll free), followed by 62740 and the # sign
Email: seb@dcca.hawaii.gov

The Securities Enforcement Branch of the DCCA receives and investigates complaints regarding potential violations of Hawaii securities laws and prosecutes securities fraud and other securities violations.

Download the full order here.

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