Latest news with #JongRhee
The Drive
9 hours ago
- Automotive
- The Drive
How a Las Vegas Couple Allegedly Stole $57,000,000 in Supercar Flipping Scam
The latest car news, reviews, and features. On May 22, the Las Vegas Metro Police Department arrested Jong and Neelufar Rhee on 75 charges related to a scheme to defraud victims of more than $57 million. The Rhees allegedly solicited investors via two Vegas-based businesses, Twisted Twins Motorsports, LLC, and Lusso Auto Spa, suckering them into contributing money to buy supercars on behalf of overseas customers with more money than brains. Those overseas buyers? Entirely fictitious. The investment? Squandered on expensive toys and other lifestyle accessories. The promised $2 billion dollar return on the initial investment? Yeah, not happening. According to police, a great deal of that money was spent on cars (along with other forms of 'personal enrichment'), but not to be resold. When the Rhees were arrested, police seized multiple big-ticket vehicles, including multiple Bugatti Chirons, a Pagani Huayra and a custom, 2,500-horsepower MTI V center console boat, among others. And if you ask people who have worked with the Rhees over the years, not one bit of it is a surprise. A former contractor who worked with several of the couple's local ventures saw the news of the arrests online last week and immediately said to himself, 'The Rhee family strikes again!' We spoke to him with the stipulation that we wouldn't publish his personal information, and he had quite a bit to say about how Jong and Neelu conducted business. He described Jong as flashy and calculating—the kind of person who parked expensive cars in conspicuous places in hopes of luring potential clients, and occasionally marks. Sometimes, they were one and the same. He met Jong while admiring one of his personal vehicles, which had been strategically parked to attract attention. The two got to talking, and eventually Jong offered him a job doing promotional work. 'I was in between W2 jobs,' he told The Drive . He jumped at the offer. His work took him from one Rhee family venture to the next. In addition to Twisted Twins Motorsports and Lusso Auto Spa, the couple backed a restaurant called 8 Kitchen (in Henderson, now closed) and owned various other ventures that specialized in niche markets, such as high-end home audio. With the exception to some Pinkberry chain stores in California, each of Rhee's ventures seemed to revolve around the theme of hooking well-off but poorly-informed clientele. Jong seemed especially adept at courting athletes, including players from the Las Vegas Golden Knights hockey team. The Rhees allegedly engaged in their share of shady sales antics, such as importing cheap knock-off Chinese wheels and mounting them on high-end cars to flip them for ridiculous markups. They also offered basic cosmetic services, such as custom vinyl wraps and window tinting, at egregious markups, and claimed to offer more robust services, such as high-end custom paint work. But even with the high volume of work the Rhees were doing, our source found it difficult to reconcile their income with the conspicuous excess the couple displayed. 'I know that there's a lot of margin in tint and wraps,' he found himself asking, 'but like, how did this guy just buy a new Rolls-Royce?' Weeks later, the Rolls was joined by a China Blue Mercedes-Benz G-Class, followed shortly by an S-Class in the same Manufaktur-exclusive paint. It was at this point that Rhee's more predatory strategies began to come to light. He shared the story of a customer who wanted to create a remote control scale model of their custom yacht. Rhee offered to do the custom paint job—for $25,000. As it turned out, he had no way to actually deliver the finished product, leaving employees to scramble at the last minute to find somebody who could paint the custom hull. Rhee ended up outsourcing the job for about $3,000. Even after allegedly pocketing $22,000 in margin, Rhee made the painter fight tooth and nail to be paid for his work. Scummy though these strategies may be, however, there's nothing inherently illegal about separating fools from their money. Our source wasn't aware of the depth of his employer's shadiness, but as Rhee's money began to dry up, he had no qualms with pushing the squeeze on to his business associates, including our source, whose paychecks eventually stopped showing up. Based on the information coming out of the Las Vegas Metropolitan Police Department, this would have been around the same time the Rhees found themselves unable to cover their mounting bills or obligations to their supposed 'investors.' Rhee told our source time and time again that there was no problem and that the money would come. It never did. Today, he's sitting on receipts totaling more than $10,000. Even if the amount seems comparatively insignificant, it's no less an indicator of how Rhee conducted business. Since sharing the news that the Rhees were arrested, several others have contacted him to say they're also owed money. 'It's not as much as they owe the people they ripped off to buy the Pagani,' he acknowledged. Still. The Rhees' broader scheme is only now coming to light, but if these charges stick, it seems likely that Las Vegas car culture will be rid of a decades-long menace. Were you a victim of the Rhees' investment scheme, or another of their shady ventures? Drop us a line at tips@ or reach out to the author directly at byron@
Yahoo
5 days ago
- Business
- Yahoo
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@ You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
Yahoo
02-06-2025
- Business
- Yahoo
Las Vegas couple ran $2B luxury car scheme, gambled last $10K in poker tournament: police
LAS VEGAS (KLAS) — A couple told investors they could net billions of dollars by selling luxury cars and boats to overseas buyers who police suspect never existed, according to documents the 8 News Now Investigators obtained. The revelations come from a 94-page arrest warrant for Jong Rhee, 45, and Neelufar Rhee, 34 — who Las Vegas Metro police took into custody on May 22. Each faces dozens of charges for allegedly persuading people to invest in the luxury items, saying 'the assets would be resold to overseas buyers at massive profit margins,' police said. However, detectives suspect no buyer ever existed. Jong Rhee allegedly promised investors that he could make money in the scheme to 'acquire high-value, exotic cars.' 'Wealthy clients in Singapore' would then buy the cars, delivering a $2.5 billion profit off of a $57 million investment because of that country's 'import restrictions,' police said. The couple conducted the alleged fraud scheme through two of their businesses: Twisted Twins Motorsports and Lusso Auto Spa, police said. State business records indicate that the Rhees are associated with businesses in Las Vegas and Henderson. Metro detectives suspect the couple netted $57 million 'for purchasing seven high-value motor vehicles by materially fraudulent misrepresentation,' documents said. In all, detectives list dozens of high-end and exotic cars and boats as part of the investigation, including models from Bugatti, Porsche and Rolls-Royce. One investor was allegedly promised a hefty return on an investment from the overseas purchases, documents said. Records show Jong Rhee 'never contacted anyone to sell [the vehicles in question] for $2 billion,' documents said. In one case involving a 2024 Rolls-Royce Spectre, Jong Rhee said he could receive $7.5 million for the vehicle with a value of $526,000, documents said. Another involving a $3.9 million boat involved a $13.5 million Singaporean purchase. Last July, Jong Rhee reportedly paid $60,000 for he and his wife to fly in a private plane to Missouri to go boating, documents said. The boat the pair and their friends rode on that weekend was supposed to be sold to 'Jong's overseas connection,' police said. Police also said the Rhees attempted to buy a bar and a home in Lake Havasu, Arizona, and traveled with an investor's money to California. In October, a judge signed off on a warrant to search the couple's $2 million Henderson home and businesses. As part of that search, police seized dozens of high-end cars. Detectives also obtained text messages between the couple, which they said made it 'evident that Jong and Neelufar were under intense pressure due to mounting debts, delayed payments, and unreliable business partners,' documents said. An April 2024 text from Jong Rhee involving outstanding payments on debts read: 'We r [sic] big trouble money,' according to police. Another text from Jong Rhee read, 'Right now, our lives are on the line.' The couple became 'so desperate for money' in 2024 that Jong Rhee bet their last $10,000 to gamble in the World Series of Poker, police said. 'Jong frequently gambled and played poker, especially when he and Neelufar struggled financially,' police said. 'He participated in tournaments similar to the World Series of Poker, which required significant buy-in amounts. Jong would often spend several days playing poker, further contributing to their financial distress. On July 8, 2024, while at a poker event, Jong told Neelufar, 'I don't think I've lost 99% 4 [sic] times in [my] whole life now 4 [sic] times in one month.' He believed that a big win would solve all of their money issues.' Both Rhees face 78 felony charges, including racketeering, money laundering, and forgery, records said. Based on redactions in court documents, it was not clear how many alleged victims were involved in the case. Both posted $100,000 bail, records said. They were not scheduled to return to court until June 9. Two other people, Crisfin Deguzman and John Baudhuin, also face charges connected to the case, records said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
