Police Say Las Vegas Couple Defrauded Investors of Over $57 Million in Exotic Car Sales Scheme
A Las Vegas couple has been accused of defrauding investors of more than $57 million in an elaborate exotic car scam. According to the Las Vegas Metropolitan Police Department (LVMPD), the couple persuaded people to invest in extremely high-end exotic cars and boats that would be sold overseas for massive profits. However, an investigation found that these overseas buyers apparently didn't exist — and now the couple is facing 75 fraud-related charges.
According to police, Jong Rhee, 45, and Neelufar Rhee, 34 ran their scam through their two businesses, Twisted Twins Motorsports, LLC and Lusso Auto Spa. And some of the cars involved are far more exotic than Porsche 911s or Chevrolet Corvettes: LVMPD posted a video of some of the recovered cars involved, with highlights including a Bugatti Divo and a Chiron, a Pagani Huayra, and a one-of-10 Apollo Intensa Emozione. Just these four cars alone are worth eight figures.
However, the couple allegedly promised 10-figure returns. Las Vegas-based news outlet KLAS reports that the suspects told the victims that wealthy clients in Singapore were lined up to buy these high-end vehicles for approximately $2.5 billion. The couple claimed that they could sell a $526,000 Rolls Royce Spectre for $7.5 million, and that a $3.9 million boat would bring $13.5 million in Singapore — but the overseas buyers didn't exist, according to police.
The Vegas couple is accused of taking the funds that were supposed to be used for these overseas transactions and instead used them for personal gain. Last summer, the Rhees reportedly spent $60,000 chartering a private plane to Missouri for a boating trip; that same boat was allegedly also one of the assets that was supposed to be sold overseas.
KLAS reports that money woes could have been the motivation behind the scam. The couple's financial situation was reportedly bleak as of last year: Jong Rhee allegedly decided to use their last $10,000 to buy into a World Series of Poker event. When the gamble didn't pay off, the police claim that's when they turned to fraud.
Jong Rhee and Neelufar Rhee each face 75 counts of fraud related charges such as racketeering, forgery, theft, and money laundering. Police believe that there may be additional victims of this scheme that have not been identified. They are asking for anyone that has done business with this couple to contact them by email at criminalintel@lvmpd.com.
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