An alleged Ponzi schemer used some of the $5 million in cool cash he swindled from investors to put his late wife on ice, court papers charge.
Prosecutors say 4X Solutions head Whileon Chay, 38, used money from investors “to pay his personal expenses and to maintain a lavish lifestyle which he flaunted to potential investors.”
“Chay also misappropriated investor funds for other purposes, including more than $150,000 to pay for his wife, who passed away in or about 2009, to be cryogenically frozen,” says the indictment, which was filed Thursday.
Investigators said the Queens man ran his scam between 2007 and 2011, telling investors they were making large returns. In reality, he used half the cash for himself, and invested the other half poorly, the court papers say.
He’s been charged with securities and wire fraud.
He could not be reached for comment — authorities believe he may be on the run in South America.
