misappropriating more than $1.1 million of his victims’ monies in an investment ruse involving teakwood.
They added: “As part of its modus operandi, the venture would attract potential investors by guaranteeing generous returns for their investment. The DPPs had said: “PT Abby claimed that the teak trees were grown in two Indonesian plantations located in Sulawesi and Jogjakarta and that they would maintain the trees until maturity before selling them to timber mills at a minimum sale price.”The investment agreements assured investors of a guaranteed return of the principal sum at the end of the investment periods.
Among other things, the agreement falsely represented that PT Abby owned two Indonesian plantations, and that it was the sole owner of the teak trees.