California Man Pleads Guilty in Multi-Million Dollar Ponzi Scheme Targeting Filipino Community

Sylvein D’Habsburg, accused of defrauding over $5.9 million from investors, pleads guilty to wire fraud in a targeted Ponzi scheme.

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Overview

A summary of the key points of this story verified across multiple sources.

Sylvein William Maximilian D’Habsburg XVII has agreed to plead guilty to wire fraud after deceiving investors from the Filipino community through a multimillion-dollar Ponzi scheme. He allegedly misused over $5.9 million intended for his tech companies for personal luxury purchases. D'Habsburg, facing a potential 20-year sentence, claims to have made false statements but denies operating a Ponzi scheme. The targeted fraud raises concerns about trust within immigrant communities.

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